The biggest IPO of Indian Share Market History, LIC’s Rs. 21,000 Crore was issued at a price of INR 949. However, it got listed on the markets today and opened at INR 867.20 at BSE and INR 872 at NSE market. The biggest IPO has opened up with a loss for all the investors. The policyholders and retail investors got the shares at an issue price of INR 889 and INR 904 i.e. a discount of INR 60 and INR 45 respectively. Even after the discount the policyholders and retail investors will face a loss.
The Government has sold out its 3.5% stake in the company raising INR 21000 Crores. The weak opening is also a result of the highly volatile market in the past few days. Although the IPO of LIC has picked up market share in the early sessions, the value of LIC’s share has also stabilized a bit and is moving around in the 880s-890s.
“We were not expecting on a big listing as markets were jittery, expect it to pick up,” LIC's chairman M. R. Kumar told reporters.
Here are Some Hilarous Memes Trending on Twitter-
LIC new slogan can be— CA Chirag Chauhan (@CAChirag) May 17, 2022
IPO Ke Sath Bhi, IPO Ke Baad Bhi - Negative returns !#LICIPO
Listed at Discount 🤣🤣🤣 Can't understand what was the hurry in coming up with the IPO when the global as well as Indian markets are bearish. #LICIPO 🤭😆😆— manu (@rk_options) May 17, 2022