LIC lost Rs 46,520 crore in value, as the market capitalisation (m-cap) on its market debut.
The stock fetched an m-cap of Rs 5,53,675.05 crore at the close of the listing day against Rs 6,00,242 crore at the issue price. This was higher than Hindustan Unilever Rs 5.27 lakh crore and ICICI Bank Rs 4.93 lakh crore, but fell short of Infosys Rs 6.38 lakh crore.
LIC listed at Rs 867.2 on BSE, a discount of 8.62 percent over its issue price of Rs 949. On NSE, it debuted at a discount of 8.11 percent. The scrip eventually ended the Day 1 at Rs 875.45 per share, a 7.75 percent discount to its issue price.
“Though LIC listing has been below the issue price of Rs. 949, given the attractive valuations and stability in the markets, we expect some buying interest in the stock both from retail and intuitional investors. Since large amount of money has been released post listing of LIC, part of this money could get diverted into equity markets,” said Hemang Jani of Motilal Oswal Financial Services.
