On Tuesday, May 17, the Life Insurance Corporation of India (LIC) listed its shares on the Bombay Stock Exchange (BSE). The ringing of the bell at the BSE at 10 am marked the listing of LIC on the stock market.
Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management, at BSE while speaking at the occasion elaborated on how this is a momentous event. Pandey added that the LIC IPO is in tandem with the Prime Minister's vision. Further, he said that India is one of the crucial emerging markets and it will become one of the fastest-growing economies in 10 years.
Amid this development, when the market opened, the Sensex rose over 320 points and was trading at 53,287. Likewise, the Nifty was at 15,946.
According to reports, LIC settled at INR 872 per share in pre-open on NSE against the issue price of INR 949 per share. It was then listed at INR 865 per share against the issue price of INR 949 per share, this was at a discount of 9 per cent.
Based on accounts, on Saturday, May 14, LIC's unlisted shares were trading at INR 934 apiece on Saturday, a discount of Rs 15 to the upper limit of the IPO price band.
It has been reported that in the bidding process, the retail investors were given a discount of INR 45 per share, whilst policyholders were given a discount of INR 60 per share.
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