All investors lose out in LIC listing

Looking for a bull run: M R Kumar, LIC Chairman, & Tuhin Pandey, Secretary of DIPAM, at BSE

All investors lose out in LIC listing

Against the issue price of Rs 949, it lists at 867 on BSE

Hold LIC scrip with a long-term perspective, say analysts

MUMBAI, May 17, 2022: Life Insurance Corporation of India (LIC) listed on the NSE at Rs 872 at 8.11% discount over its issue price. The scrip got listed at BSE at Rs 867.20 per share, 8.62% per cent discount over its issue price of Rs 949.

The shares of the company closed at Rs 875.45 on BSE and  Rs 873 per share on NSE. The initial public offering was offered at a lower price band of Rs 902-Rs949 per share.

Post listing, analysts generally recommended that the share holders could hold on to the scrip.

As per BSE, the total quantity traded stood at 27.55 lakh shares with a delivery quantity percentage of 47.05%. Total Quantity traded at NSE stood at 451.35 lakh shares with a delivery quantity percentage of 42.59%. Total Turnover (BSE+NSE) on Day 1 stood at Rs 4591.10 crore.

The Market Capitalization of the Company post today’s closing price stood at Rs. 5.53 trillion as per BSE and Rs. 5.52 trillion as per NSE.

The initial share sale with a face value of Rs 10 per equity share, is a comprehensive offer-for-sale (OFS) of up to 221374920 equity shares by the President of India through the Ministry of Finance, Government of India and the issue was closed on May 0 2022. The portion reserved for eligible policy holders was subscribed 6.12 times, reservation for eligible employees was subscribed 4.40 times, Retail Category was subscribed 1.99 times; the non-institutional category witnessed subscription of 2.91 times and qualified institutional buyers’ category saw subscription of 2.83 times. Overall, the issue was subscribed 2.95 times.

Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, ICICI Securities Limited, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Markets Limited are the book running lead managers to the issue.

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