LIC Share Price, LIC IPO Listing Date, LIC IPO GMP Grey Market, LIC Listing Date, LIC Listing Price, LIC Share Price NSE

Highlights

The government diluted its 3.5 per cent stake in the insurance behemoth
The government has generated about Rs 21,000 crore from the offer
LIC's IPO was the biggest initial public offering ever in the country

LIC Share Price, LIC Share Listing, LIC IPO Listing: Insurance giant Life Insurance Corporation's (LIC) share made a weak stock market debut on Tuesday with its shares listing at Rs 872 in the pre-opening session on the NSE. The stock was listed at Rs 867.20 on the BSE in the pre-opening session at 9:45 AM.

At 10:05 AM, the insurance behemoth's shares were trading at Rs 902.45 on the NSE and Rs 901.35 on the BSE.

LIC which is the country's largest insurer had fixed the issue price of LIC shares at Rs 949 apiece for allotment to investors. It witnessed a good response from domestic investors, fetching Rs 20,557 crore. The price band of the issue was Rs 902-949 a share. LIC IPO closed on May 9 and shares were allocated to bidders on May 12.

LIC offered discounts to its policyholders and retail investors. While policyholders got the shares at a price of Rs 889, retail investors got at Rs 904 apiece.

The LIC IPO -- India's largest to date -- closed with nearly 3 times subscription, predominately lapped up by retail and institutional buyers, but foreign investor participation remained muted.

So far, the amount mobilised from the Paytm IPO in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.

LIC had last month reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions.Even after the reduced size of over Rs 20,557 crore, the LIC IPO is the biggest initial public offering ever in the country.

LIC share sale was initially planned to hit the markets in March. But the uncertainty in stock markets due to the Russia-Ukraine war pushed the issue to the current fiscal, which began in April.

LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore. Its product portfolio comprises 32 individual plans (16 participating and 16 non-participating) and seven individual optional rider benefits. The insurer's group product portfolio comprises 11 group products.