The country’s largest insurer, Life Insurance Corporation (LIC), listed its shares at a discount of 8.11% to £872 per share on the National Stock Exchange (NSE) on Tuesday.
The shares were listed on the Bombay Stock Exchange (BSE) at ₹867.20 per share, down 8.62% from the issue price of ₹949 per share.
LIC had set the issue price of its shares at ₹949 a share after a successful IPO that raised 20,557 crore for the government.
LIC policyholders and retail investors purchased the shares at a price of ₹889 and ₹904 per share, respectively, after accounting for the discount offered. The shares were listed on the BSE and NSE on Tuesday at a discount of ₹81.80 and ₹77, respectively, to the issue price of ₹949 per share.
The government sold over 22.13 billion shares, or a 3.5% stake, in LIC through the IPO. The price range of the issue was between ₹902 and ₹949 per share. However, on May 12, investors were allotted stocks at the higher end of the price range.
The LIC IPO – India’s largest to date – closed with nearly three subscriptions and was largely taken up by private and institutional buyers, but foreign investor participation remained muted.
So far, the amount mobilized from the Paytm IPO in 2021 has been the largest ever at 18,300 crore, followed by Coal India (2010) at almost 15,500 crore and Reliance Power (2008) at 11,700 crore.