LIC Shares List At Discount To IPO Price, Fall Over 9% On Debut Trade

| Updated: May 17, 2022 5:11 pm

Life Insurance Corporation of India (LIC) shares debuted on the stock exchanges today at a discount to the IPO price.

On Tuesday morning, shares of the insurance behemoth began trading on the BSE and NSE at Rs 872 per share, down 8.11 percent from the IPO price of Rs 949 per share.

On Tuesday, shares fell despite the fact that the Sensex and Nifty were in the green.The Rs 21,000-crore public issue by LIC is the largest Dalal Street has ever seen.Earlier this month, the issue received a strong response from all investor categories during a massive six-day subscription window, as opposed to the usual three-day window.

Anchor Investors Participation:

The anchor investor portion of Life Insurance Corporation of India’s (LIC) initial public offering (IPO) was fully subscribed on May 2, according to a stock exchange disclosure from the company. According to the filing, domestic mutual funds (MFs) accounted for more than 71% of the anchor book portion.

In total, the state-owned insurance company issued nearly 59.3 million shares at Rs 949 each to 123 investors.

The government of Singapore, Government Pension Fund Global, BNP Investments LLC, Monetary Authority of Singapore, Societe Generale, Invesco India, and Saint Capital Fund were among the major investors in the anchor book.

Domestic investors showed strong interest in LIC, including SBI Mutual Fund, ICICI Prudential, SBI Life Insurance, Aditya Birla Sun Life, Axis Mutual Fund, HDFC Trustee, Nippon Life, Kotak Mahindra Life Insurance, L&T Mutual Fund, Tata Investment Corporation, UTI Mutual Fund, Sundaram Mutual Fund, IDFC MF, and Bajaj Allianz General Insurance.

Read Also: 9 Things To Know About LIC IPO

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