LIC issue price fixed at ₹949 a share, listing on May 17
The Hindu
Shares were allocated to policyholders and retail investors after applying the discount applicable to them
The government has fixed the issue price of LIC shares at ₹949 apiece, the upper end of the IPO price band, ahead of the listing of the country's largest insurer on May 17.
However, LIC policyholders and retail investors have got the shares at a price of ₹889 and ₹904 a piece, respectively.
The Initial Public Offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allocated to bidders on May 12. The government sold over 22.13 crore shares or 3.5% stake in LIC through the IPO at a price band of ₹902-949 a share.
The retail investors and eligible employees of LIC were offered a discount of ₹45 per equity share over the issue price, while policyholders got a discount of ₹60 per share.
As per the prospectus filed by LIC on May 12, the offer price of the share sale has been fixed at ₹949 per equity share.
Shares were allocated to policyholders and retail investors after applying the discount applicable to them.
The share sale fetched the government around ₹20,557 crore.
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Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.