LIC Shares to Debut Tomorrow in Stock Market (May 17)

India's largest insurance company Life Insurance Corporation of India's (LIC's) shares will make its debut tomorrow, May 17.

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Shares are already being traded at a discount price in the grey market, indicating it may not list at a premium price.

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The government raised Rs 21,000 crore by selling 3.5 percent of its stake in the biggest initial public offer (IPO).

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LIC IPO opened for subscription on May 4 and closed on May 9. It was subscribed 2.95 times with bids worth Rs 45,000 crore.

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The shares were allotted to the successful shareholders on May 12 at the upper end of the Rs 902-to-Rs 949 price band.

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According to the latest trends in the grey market, the company’s unlisted shares were trading at Rs 934 apiece on Saturday (May 14).

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