LIC IPO listing date and expected price
After the successful conclusion of the LIC IPO, LIC shares will be listed on the Mumbai and National Stock Exchange tomorrow. The listing scheduled for tomorrow is highly anticipated since the nation’s biggest IPO sale is currently underway. Let’s examine the road that LIC stock sales have taken.
The government of India plans to sell 5 per cent of its 100% stake in LIC in order to raise 55,000 crores.
LIC sent the draft of its report SEBI in February of last year.
The Federal government has reduced its share sales because foreign investment in the war between Russia and Ukraine has slowed foreign investment, with the US Federal Reserve raising interest rates and boosting prices for crude oil.
The central government has decided to sell 5 per cent of the shares, and to sell just 3.5 per cent. In this way, the central government is planning to raise 21,000 crores by selling a 3.5 per cent stake.
LIC IPO sales started on the 2nd. The first sale was the sale of shares to help anchor investors.
The stock was offered to investors in the public market from the 4th through the 9th.
The price of shares of LIC was set at Rs.902 up to Rs.949.
LIC employees were offered discounts of Rs 45 per share, and policyholders were offered a discount of 60 rupees for the sale of shares to investors from the public.
The shares were sold for the price of Rs 889 per share to public investors, and at an amount of Rs 904 per share for retail investors as well as LIC employees.
These shares went into the Demat accounts of applicants at the time of 12th January after the closing of the IPO sale.
The share price of LIC was set to Rs.902 and Rs.949 and then sold. At the time of the sale overall, each share’s price was set at Rs.949 in accordance with requests
47 crores and 83 lakhs 67 thousand Ten applications were accepted in order to buy 16 crores and 20 lakh 78 000 shares in LIC. That’s 2.95 times the amount applicants received.
Applications for voluntary applications of LIC employees were 4.4 times more than the minimum amount.
The total number of applications received was approximately Rs 12,450 crore. This is double the amount that is allocated for the category of retail investors.
47 crore and 83 million 67 thousand Ten applications were accepted to purchase 16 crores and 20 lakh 78 000 seventy shares LIC. This is 2.95 times the amount applicants received.
On the very first day of the sale, the stock was trading above the price of Rs. 80 per share on the Gray market.
As the days progressed, the price of the Gray market decreased by 90. However, it is still not enough. LIC IPO price in the Gray market is still not at an amount that is positive.
It is believed that the LIC IPO will be the biggest IPO ever to be held in India. Prior to that, BDM had raised Rs 18,500 crore through IPOs.
However, LIC has raised more than 20,000 crores through its IPO. Before this, Reliance Power had raised funds to fund its IPO in the year 2008.
The auction of LIC shares was successful, and the central government was able to receive an amount of Rs. 20,560 crore.
LIC shares are scheduled to be traded on both the National and Mumbai Stock Exchange in the coming days on the success of the allotment of shares for shareholders.
The listing has triggered high anticipations from all investors