Mumbai, 17/5:Shares in state-owned Life Insurance Corp of India (LIC) had a tepid debut on Tuesday listing at Rs 867.20 — a 9 per cent discount to the IPO price of Rs 949. LIC shares were trading at Rs 872 in pre-open trade.
The government had fixed the issue price of LIC shares at Rs 949 apiece for allotment to investors. LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 apiece, respectively, after taking into account the discount offered.
The Initial Public Offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allocated to bidders on May 12. The government sold over 22.13 crore shares or a 3.5 per cent stake in LIC through the IPO. The price band of the issue was Rs 902-949 a share. However, shares were allocated to investors on May 12 at the upper end of the price band
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