LIC IPO Listing, is the most awaiting listing on stock market this week. After overwhelming response to the mega IPO of Life Insurance Corporation (LIC) , the investors are eagerly awaiting the listing performance.
Life Insurance Corporation of India (LIC) will list on the stock exchanges tomorrow, following the initial public offer (IPO) which was oversubscribed nearly three times the issue size. The government has fixed the issue price of LIC shares at ₹949 apiece, the upper end of the IPO price band, fetching the exchequer around ₹20,557 crore.
LIC will make its debut on the BSE and NSE on May 17 as per the schedule published in the prospectus.
What does the market observers say about the LIC IPO Listing?
As per market observers, LIC shares continue to trade at a discount of ₹19 in the grey market today. The grey market discount indicates that the stock may have a moderate to discounted listing.
The issue opened for subscription from May 4-9 and received bids worth Rs 43,933.5 crore.
The offer was subscribed 2.95 times as investors have put in bids for 47.82 crore equity shares against IPO size of 16.20 crore shares, as per the subscription data available on exchanges.
The participation by policyholders remained quite strong as they have bid 6.12 times the allotted quota and the value of shares subscribed for was Rs 12,034 crore
Retail investors and LIC policyholders were among the most enthusiastic for the offering, thanks to the discounts they were offered.
The portion reserved for them was fully taken up days before the offering was closed. The anchor portion of the IPO drew in sovereign funds from Norway and Singapore while other foreign investors picked up pace only on the last day.