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.

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

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

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.

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

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

Source: Moneycontrol