LIC lists its shares on the stock exchanges today

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Mumbai: India’s insurance sector giant Life Insurance Corporation of India (LIC) listed its shares on the stock exchanges on Tuesday.

The Rs 21,000 crore blockbuster initial public (IPO) of LIC had witnessed a good response from the investors getting subscribed 2.95 times after a marathon 6-day subscription period from May 4-9.

The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 2.83 times, while those of non institutional investors was subscribed 2.91 times and that of retail individual investors (RIIs) was subscribed 1.99 times. Apart from these, the policyholders portion was subscribed 6.12 times while the employees segment was subscribed 4.40 times.

The issue price of LIC was fixed at Rs 949 apiece for allotment to investors. All policyholders and retail investors got the shares at a price of Rs 889 and Rs 904 apiece, respectively, after taking into account the discount offered. The government had offered a discount of Rs 60 per share for its policyholders and Rs 45 apiece for retail investors and LIC employees.

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