LIC IPO to be listed on stock markets tomorrow. Check share price, other details
All eyes are on the Life Insurance Corporation (LIC), the country's largest insurer which will list its shares on the stock exchanges on Tuesday. The listing comes after a phenomenal response from the domestic investors in the initial share sale. The sale fetched ₹20,557 crore to the government, PTI reported.
As the much-awaited LIC IPO is set to be listed on the Bombay Stock Exchange and the National Stock Exchange, here are important things to know.
1. According to the state insurer's prospectus, each LIC share costs ₹949 while being allotted to the investors. On the other hand, the policyholders and retail investors bagged the shares at ₹889 and ₹904 respectively after the discounts offered to them. Around 15.81 lakh shares were reserved for the employees and 2.21 crore shares for the policy holders.
2. The initial public offering (IPO) for LIC closed on May 9 and the shares were allocated to the bidders on May 12. According to PTI, the Centre sold over 22 crore shares or a 3.5 per cent stake in LIC through the IPO.
3. LIC is the biggest IPO offering in the country, and had closed with nearly 3 times subscription, mostly by retail and institutional buyers. The foreign investor participation was muted.
4. The IPO offering was scheduled to be open to public in March, but was deferred to uncertainty in market conditions amid the Russia-Ukraine war.
5. According to reports, the LIC IPO is expected to be a major contributor to the Centre's disinvestment proceeds in the current fiscal. The proceeds from the LIC issue make up for about a third of the ₹65,000 crore disinvestment target set for the current fiscal.
(With PTI inputs)