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LIC IPO: LIC fixed the issue price of its IPO at Rs 949, will be listed on the stock exchange on May 17

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LIC IPO News: Public sector insurance company LIC has fixed the issue price of its IPO, bringing the biggest IPO of the Indian stock market. The company has fixed the issue price of Rs 949 IPO. This is the upper band of the issue price of the IPO. The company had fixed the price band of its IPO from Rs 902 to 949.

Listing on stock exchange on 17th May
Investors who have invested in LIC’s IPO are now waiting for the listing of the company on the stock exchange. LIC’s IPO will be listed on the stock exchange on May 17. It is believed that the shares have been allotted to the investors and the shares will be credited to the demat account of the investors by Monday, 16 May. On the other hand, investors who have not been allotted shares or have been allotted less shares than in the application, they will get the amount back in their bank account on 16 May.

IPO closed on 9th May
LIC’s IPO was open for subscription from May 4 to 9. The price band of LIC IPO was fixed at Rs 902 to Rs 949 and Rs 20,557 crore has been raised through IPO. LIC’s IPO is subscribed less than 3 times which is less than expected. With the continuing fall in the stock market, rising inflation, the war between Russia and Ukraine and the selling of foreign investors in the Indian markets has disturbed the mood of the market.

Decreasing GMP
Investors investing in LIC IPO may get a setback. The gray market premium is continuously decreasing before the listing of LIC shares on the stock exchange. The gray market premium of LIC IPO is now trading below Rs 25 from the upper band of its issue price.

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