The initial share sale of the country’s insurance behemoth Life Insurance Corporation (LIC) was recently concluded after six days of bidding. The share ALLOTMENT of the LIC IPO (initial public offering) was also done recently, whereby investors were able to check whether they had won bids for the LIC IPO. However, after the share allotment got concluded, the grey market premium has declined and shares are now trading at a discount. The price band of the LIC IPO was fixed at Rs 902 to Rs 949 per equity share.
LIC IPO GMP Today
The unlisted shares of the LIC IPO nosedived in the negative zone in the grey market a few days back, and there has been no coming back from that yet. LIC IPO GMP (grey market premium) is still negative, according to market observers. The GMP is minus Rs 20, according to them, which is Rs 5 higher than yesterday’s grey market premium. Market observers maintained that LIC IPO GMP has remained in the negative zone for the fourth successive day, which is a bad sign for the listing of India’s largest public issue
LIC is the largest insurance provider company in India. It has a market share of above 66.2% in new business premium. The company offers participating insurance products and non-participating products like unit-linked insurance products, saving insurance products, term insurance products, health insurance, and annuity & pension products.
As of 30 Sep 2021, it has a total AUM of Rs. 39 lakh crore. LIC operates through 2048 branches, 113 divisional offices, and 1,554 Satellite Offices. It operates globally in Fiji, Mauritius, Bangladesh, Nepal, Singapore, Sri Lanka, UAE, Bahrain, Qatar, Kuwait, and the United Kingdom.