LIC lists at discount

The most awaited listing happened today and as was expected, LIC got listed at a discount. As against the IPO price of Rs.949/share, it got listed on the BSE at Rs.867.20, a discount of almost 9%. This was lower than the Rs.889/share price given to policy holders and Rs.904/share given to retail investors and employees.

But it soon bounced back from there, rising to Rs.920, a discount to the listing price but over the employees, retail investors and policy holder’s price.

The LIC IPO was a much-awaited event. With the IPO earlier expected to open in March, which due to the volatile markets did not happen, retail investors are learnt to have been opened around one crore new demat accounts in last 4-6 months.

And this discounted listing is a boon for many who did not buy into the IPO. Our Editor, Mr.SP Tulsian recommends buying into the stock now for long term gains.