Govt fix LIC issue price at Rs.949 a share, listing on May 17

Ahead of the listing country's largest insurer lists on May 17, the government has set the issue price of LIC shares at Rs.949 a share, the upper end of the Initial Public Offer(IPO) price band. LIC policyholders and retail investors, on the other hand, received the shares for Rs.889 and Rs.904 a share, respectively.

The Life Insurance Corporation's (LIC) initial public offering ended on May 9, and shares were distributed to bidders on May 12. At a price range of Rs.902-949 a share, the government sold over 22.13 crore shares in LIC, representing a 3.5 percent ownership.

Retail investors and qualifying LIC workers received Rs.45 per equity share discount over the issue price, while policyholders received a Rs.60 per share discount.  The offer price for the share sale has been set at Rs.949 per equity share, according to the prospectus submitted by LIC on May 12.

After applying the applicable discount, shares were assigned to policyholders and retail investors. 
The government received about Rs.20,557 crore from the share sale.

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