LIC shares lists on the Bombay Stock Exchange (BSE) in Mumbai today

The country's largest insurance company Life Insurance Corporation (LIC IPO) has taken entry into Dalal Street today. LIC shares have been listed in the stock market today. LIC shares are listed on NSE and BSE with a discount of 8 to 9 percent. The government has received a bumper response from domestic investors for this IPO of Rs 20,557 crore. The government has fixed the price band of LIC shares at Rs 949 per share. Shares have been allotted to the policyholders and retail investors of LIC at the rate of Rs 889 and Rs 904 per share. Meaning the listing price is already at a premium for them.

LIC's shares were listed with a discount in the stock market and due to this, investors got a shock of Rs 42,500 crore in minutes. The company's market cap at the issue price was above Rs 6 lakh crore, but due to a weak listing, it saw a decline of more than Rs 42,500 crore, and the market cap fell to Rs 5,57,675.05 crore.

"This is a momentous event. LIC IPO is in line with the PM's vision. India is one of the most important emerging markets and it will be one of the fastest-growing economies in this decade", said, Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management.