Lic Ipo Listing Lics Weak Listing Read What Reasons Did-dipam Secretary Give
LIC Listing News: There was a weak listing of the...
LIC Listing News: There was a weak listing of the shares of LIC, the country’s largest IPO. The IPO that people were expecting a miracle from got listed below its issue price. Not only this, after the listing, the stock continued to trade in the red mark throughout the day.
Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) spoke in detail on weak listing. He said that due to unforeseen market conditions, the country’s largest insurance company LIC had a weak start.
He suggested to the investors that LIC shares should be kept for long term profit. LIC shares were listed on the NSE on Tuesday at Rs 872 per share, down 8.11 percent against its issue price. The shares were listed on the BSE at Rs 867.20, down 8.62 per cent against the issue price of Rs 949 per share.
take a long time
Pandey also said that no one can predict the market. We say that it (LIC) should not be kept for any one day, but for more than one day (Long Term). In this program, LIC Chairman MR Kumar said that there will be more demand for shares in the secondary market, due to which the price will increase. He said that there is panic in the market too. We didn’t expect a huge jump.
Those who didn’t get in the IPO will buy
Kumar said, “It will increase as we move forward. I am sure that many people, especially those policyholders who could not get allotment, will buy shares.
The government has fixed the issue price of LIC’s shares at Rs 949 per share. However, LIC’s policyholders and retail investors got shares at Rs 889 and Rs 904 per share, respectively.
Response to IPO
The IPO closed on May 9 and its shares were allotted to the bidders on May 12. The government has offered more than 22.13 crore shares i.e. 3.5 percent stake in LIC through IPO. For this, the price range was kept at Rs 902-949 per share.
LIC’s IPO got almost three times subscription. Domestic investors took part in this, while the reaction of foreign investors was ‘cold’. This is the biggest IPO in the history of the country.
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