The shares of the country’s largest insurance company LIC got listed on the stock market on Tuesday. As expected, the company’s shares were listed at a discount and investors were disappointed on the first day of listing. LIC shares are listed on BSE at a discount of Rs 81.80, or 8.62 per cent, at Rs 867.20. Whereas, the shares are listed on NSE with a fall at Rs 872.
Shares were down 12% in pre-market:
Earlier, LIC’s shares had broken up to 12 per cent in the pre-market. The shares of the insurance company were trading at Rs 830 with a loss of 12.54 per cent on the BSE. However, these improved as the time of listing approached. By 9.30 am, the fall in the stock had reduced to 6.69 percent and its price had reached Rs 885.55.
Speaking on the occasion, Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management, said that the listing of LIC IPO in the stock market is an important moment. LIC’s IPO is in line with PM’s vision. He said that India is one of the most important emerging markets and it will be one of the fastest growing economies in this decade.
IPO was subscribed 2.94 times:
The LIC IPO bidding took place between May 4 and 9. LIC IPO was subscribed 2.94 times during this period. Explain that the government has sold 3.5 percent stake in its wholly owned LIC through IPO. This IPO got a tremendous response from all the investors except foreign investors. According to the report, the government has raised around Rs 20,500 crore through IPO. Its shares were priced at Rs 902-949 per share.
India’s fifth largest company:
The market value of LIC was estimated at Rs 6 lakh crore, but due to the fall in shares, its market capitalization is currently Rs 5.6 lakh crore. But according to the market cap, LIC has been included in the top-5 companies of India. Let us inform here that apart from LIC, Mukesh Ambani’s Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank and Infosys are among these five companies.
Market experts expressed this possibility:
LIC’s shares may have had a weak listing in the market and it broke the expectations of investors, but despite this, market experts are calling it a profitable deal. According to Anuj Gupta, an expert in stock market affairs, investors should hold shares now.
Apart from this, for those who have not been allotted, buying shares at a discount price can be extremely beneficial. He said that in the coming time, it is expected that LIC’s stock can touch the level of Rs 1200 to 1300.
The post LIC IPO Listing: LIC shares listed in stock market with discount appeared first on Spotlight 7.
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