InvestorQ : How did LIC list on Tuesday 17th May morning on the NSE and BSE?
Anamika Sodhani made post

How did LIC list on Tuesday 17th May morning on the NSE and BSE?

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Angel dcosta answered.
2 months ago
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Against the issue price of Rs949, the stock of LIC listed on 17th May at a price of Rs872, which represents a discount of -8.11% over the issue price. However, this listing price was also lower than the IPO price for the retail shareholders at Rs904 and the IPO price for the policyholders of LIC at Rs889 per share. However, post the listing, the stock has bounced back and is quoting at around Rs.892 at 11.50 am on Tuesday.

In the first 2 hours of trading, the stock of LIC touched a high of Rs919 and a low of Rs860 on an intraday basis on the NSE. The selling from the policyholders and the retail is not likely to be to heavy since most of them are in it for the long haul. The pressure from the funded applications are likely to be limited as few funded applications were put for the LIC IPO due to the limited oversubscription of the issue at just about 2.95 times.

In the first 2 hours, the stock of LIC has traded a total of 348.41 lakh shares and also the traded value stands at Rs3,117 crore. While LIC ranks the highest on value traded, it ranks third on volume traded, behind Vodafone Idea and Yes Bank. LIC had a market cap of Rs564,665 crore at 11.50 am while the free float market cap of the stock stood at Rs16,940 crore. The stock has been under pressure due to incessant selling.
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