New Delhi. On Tuesday, the country's largest insurance company Life Insurance Corporation (LIC) has been listed on the stock exchanges. On the very first day itself, LIC did not like the stock market and the listing was done at a huge discount. On the National Stock Exchange (NSE), LIC's stock was listed at Rs 872 with a discount of 8.11 percent.
Listing on BSE with an 8.62 percent discount
It was listed on the Bombay Stock Exchange (BSE) at Rs 867.20 at a discount of 8.62 per cent over the issue price. Whereas the price band for this IPO was Rs 949 per share from Rs 902 per share.
IPO got three times subscription
The shares were listed on the BSE and NSE at a discount of Rs 81.80 and Rs 77, respectively, against its issue price of Rs 949 per share on Tuesday. It is to be known that the government sold 22.13 crore shares i.e. 3.5 percent stake in LIC through IPO. LIC's IPO closed with almost 3 times subscription.
The government has raised Rs 20,557 crore through this IPO. Earlier in 2021, Rs 18,300 crore was raised from Paytm's IPO. After this, about Rs 15,500 crore was raised through the IPO of Coal India (in 2010) and Rs 11,700 crore through the IPO of Reliance Power (in 2008).
Policyholders and employees got discount
It is to be known that in this mega IPO, the policyholders and employees of LIC got a discount. Employees got a discount of Rs 45 for each share, while policyholders got a discount of Rs 60 for each share. Its lot size was 15 shares.
