LIC slides on debut; lists at Rs 867.20

17 May 2022 , 10:30 AM

The scrip was listed at Rs 867.20, representing a discount of 8.62% to the initial public offer (IPO) price. So far, the scrip has hit a high of Rs 920 and a low of Rs 860.10. Over 14.10 crore shares of the company have changed hands in the counter till now. The IPO of the insurance major was subscribed 2.95 times. The issue opened on 4 May 2022 and it closed on 9 May 2022. The IPO price band was Rs 902 to Rs 949 per equity share. The company offered a discount of Rs 60 per share to LIC policyholders. For retail investors and eligible employees, the discount was Rs 45 per share. The Government of India held 100% stake in LIC and it offered 221,374,920 shares, or 3.5% stake, through the initial offer. The object of the offer is to achieve the benefits of listing the equity shares on the stock exchanges. LIC expects that the proposed listing of its equity shares will enhance visibility and brand image as well as provide a public market for the equity shares in India. LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country, with a 61.6% market share in terms of premiums (or GWP), a 61.4% market share in terms of New Business Premium (or NBP), a 71.8% market share in terms of number of individual policies issued, a 88.8% market share in terms of number of group policies issued for the nine months ended 31 December 2021. On a consolidated basis (shareholders account), LIC reported a net profit of Rs 1715.31 crore and net premium earned was Rs 285,341.93 crore in the nine months of the financial year 2021-22. Income from investments for the period under review was Rs 226,253.73 crore. Powered by Capital Market – Live News