Life Insurance Corporation of India (LIC) is all set to debut on Indian stock exchanges on Tuesday. The Centre priced LIC’s record-breaking initial public offering (IPO) last week at Rs 949, the top of the indicated range. It has raised around Rs 21,000 crore from selling a 3.5 per cent stake in the state-owned insurer.
Here are the live updates on LIC listing:
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The IPO closed with nearly 3 times subscription. LIC had last month reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions.
LIC recieved a good response from domestic investors in the initial share sale. The IPO closed on May 9 and shares were allocated to bidders on May 12. The shares will list on the BSE and NSE.