LIC IPO: At Rs 5.54 lakh cr market cap on BSE, state-run insurer becomes 5th largest company on debut

Life Insurance Corporation of India (LIC) is the fifth largest Indian company by way of market capitalization on the BSE, behind Reliance Industries Limited (1712023.67 cr), Tata Consultancy Services Limited (1263177.71), HDFC Bank Limited (729464.56) and Infosys (638869.36 cr).

The market cap of India’s largest life insurer stood at 5,53,721.92 (5.54 lakh cr) at the closing time on the BSE.

In the process, the insurance behemoth surpassed heavyweights including Hindustan Unilever Limited (527530.23 cr), ICICI Bank (493752.60 cr), State Bank of India (417091.72 cr), Housing Development Finance Corporation Limited (397233.71 cr) and Bharti Airtel Limited (388588.39 cr).     

LIC stock which made its debut on the stock exchanges was listed at Rs 867.20 on the BSE and at Rs 872 on the NSE.

The stock was listed at a discount of nearly 9 per cent. The stock ended at Rs 875.45 on the BSE, and was down by 7.7 per cent from the listing price at the closing time. The intraday high was Rs 920 while the intraday low was Rs 860.10.

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The share traded in the negative despite a strong momentum which ensured that the benchmarks ended with gains for the second day in a row.

Headline indices Nifty50 and the S&P BSE Sensex rallied over 2.6% and 2.5% as all 50 stocks on the bluechip Nifty Index and 30 shares on the Sensex comfortably sat in the green. The Nifty50 closed above 16,250 and the Sensex added over 1300 points to end near 54,300.

LIC IPO: The initial public offering of India's largest Initial Public Offering (IPO) opened on 4 May 4and concluded on 9 May. LIC fixed the price band at Rs 902-949 per equity share for the issue. The offer included a reservation for eligible employees and policyholders. The retail investors and eligible employees were given a discount of Rs 45 per equity share ahead of the launch while the policyholders got a discount of Rs 60 per share.