LIC IPO, which opened for subscription earlier this month, is all set to list on the Indian exchanges on Tuesday, i.e May 17, 2022.
The country's largest IPO by size -- Rs 21,000 crore-- got subscribed almost three times the offer, but investors may be a tad disappointed with the Initial public offering (IPO) listing.
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The government has fixed the issue price of Life Insurance Corporation (LIC) shares at Rs 949 apiece, the upper end of the IPO price band. LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 a piece, respectively. The grey market premium (GMP) on the Life Insurance Corporation shares fell from as high as Rs 90 a share to zero and now finally to the negative zone. The GMP on LIC IPO price was negative Rs 20, as per some reports.
The Initial Public Offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allocated to bidders on May 12. The insurance giant has weathered turbulence en route to Dalal Street already. 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, LIC IPO is the biggest initial public offering ever in the country. The share sale initially planned to hit the markets in March. But the uncertainty in stock markets due to Russia-Ukraine war pushed the issue to current fiscal which begun in April.
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