Grey market indicates LIC shares may list below its issue price

ANI
11 May 2022, 22:55 GMT+10

Mumbai (Maharashtra) [India], May 11 (ANI): Grey market premium of Life Insurance Corporation (LIC) shares turned negative on Wednesday indicating that the company may list on the stock exchanges below its issue price.

The recent volatility has led to a sharp drop in the grey market premium of LIC shares. At its peak, the grey market premium of LIC shares stood at Rs 95 per share. This was before the IPO opened for public subscription.

The initial public offering of LIC has been subscribed 2.95 times. The IPO opened for public subscription on May 4 and closed on May 9.

During the IPO subscription period, LIC shares enjoyed a premium in the range of Rs 8 to Rs 12 per share in the grey market.

Wednesday's grey market data showed that the LIC shares would list Rs 15 below its issue price. However, policyholders and employees would still make a profit as they have got discounts.

The country's largest insurer LIC has set its price band for the Initial Public Offer (IPO) at Rs 902 to Rs 949 per equity share. As the IPO is fully subscribed, the issue price stands at Rs 949 per share.

Policyholders have received a discount of Rs 60 per equity share, while retail investors and employees have been offered a discount of Rs 45 on each share.

The share allotment of LIC is scheduled to be done on May 12 and the country's largest insurer will be listed on the stock exchange on May 17. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iraq Sun.

More Information

27 ℃

Widespread Dust in Baghdad

International

Section

US House Speaker Pelosi banned from communion over abortion views

SAN FRANCISCO, California: In a letter released this week, the archbishop of San Francisco, Salvatore Cordileone, said U.S. House Speaker ...

Tornado hits western German city; dozens injured, 2 dead

BERLIN, Germany: At least 43 people were injured after a tornado struck the western German city of Paderborn on May ...

American arrested, Chinese officials charged with spying in US

WASHINGTON D.C.: The Department of Justice has said that an American citizen and four Chinese intelligence officers have been charged ...

To help US businesses, 35,000 foreign workers to be taken in

WASHINGTON D.C.: Due to the inability of businesses to hire enough workers, the U.S. has announced that it will grant ...

US Senate to vote on resolution urging probe of beef price fixing

WASHINGTON D.C.: U.S. senators Elizabeth Warren and Mike Rounds have introduced a bipartisan resolution requesting the Federal Trade Commission (FTC) ...

Strain of Ukraine war causes Russian defense spending to increase 40%

MOSCOW, Russia: According to preliminary data released by the finance ministry this week, almost three months after Moscow's invasion of ...

Arab

Section