New Delhi: The much-awaited listing of Life Insurance Corporation of India (LIC) is expected to take place on Tuesday, May 17 with experts believing that the insurance behemoth might have a flat listing. The insurance major had set its price band for the Initial Public Offer (IPO) at Rs 902 to Rs 949 per equity share. According to recent grey market patterns, the LIC`s unlisted shares were selling at Rs 936 per share on Saturday, a discount of Rs 13 to the IPO price band`s upper range.
However, as per today’s GMP position, the LIC shares are selling at a discount of Rs 19.
News Agency IANS, quoting Brokerage house Swastika Investmart, said that current market situation such as increased inflation statistics, FII outflows, currency weakness, geopolitical and rate hike-related worries might lead to a “flat” listing. However, the stock`s modest float may limit the stock`s post-listing decline.
The initial public offering (IPO) of Life Insurance Corporation of India (LIC) closed on Monday (May 09), the share allotment was made on May 12. Following a 6-day bidding process that opened on May 04, the LIC IPO was subscribed 2.95 times on the final day. The policyholder bucket was subscribed 6.11 times while the employees portion saw bidding of 4.39 times. The retail investors` bid was subscribed 1.99 times and the non-institutional investors portion was subscribed 2.91 times.
The initial public offering (IPO) of Life Insurance Corporation of India (LIC) closed on Monday (May 09), the share allotment was made on May 12.