As expected, shares of Life Insurance Corporation of India (LIC) made a dull market debut on Tuesday

with the stock listing at  ₹872 apiece on the NSE, a discount of about 8% as compared to its IPO issue price of  ₹949 per share.

On the BSE, LIC shares started trading at  ₹867.

The initial public offering (IPO) of the insurance behemoth closed on  May 9, 2022 and shares were allocated to bidders on May 12.

The government sold over 22.13 crore shares or a 3.5% stake in LIC through the initial share sale.

The price range for LIC IPO was set between  ₹902 and 949 per share. However, shares were allocated to investors on May 12 at the upper end of the price band.

LIC offered a discount to employees and retail investors of  ₹45 per share, while policyholders were given a discount of  ₹60.