LIC IPO Listing: Debut at discount but gains traction

It was a tepid start to a mega IPO. India's largest Initial public offering (IPO) listed at Rs 872/share vs the issue price of Rs 949/share but the stock gained traction as it found support at lower levels.

Though the price was fixed at the upper band, policyholders due to the discount got the shares at Rs 889/share. So for long time investors the early volatility in the stock has been largely dismissed.

The LIC IPO -- India's largest to date -- closed with nearly 3 times subscription, fetched Rs 20,557 crore to the government.

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Life Insurance Corporation (LIC) is the largest insurance provider company in India, with a market share of more than 66 per cent in new business premiums. The company offers participating insurance products and non-participating products.