- Despite criticism from the opposition, the government had decided to push ahead with the IPO
- The LIC IPO was oversubscribed nearly three times
- People who failed to get allotment for LIC IPO were happy after low response on share market
Life Insurance Corporation of India or LIC on Tuesday made a stock market debut at Rs 865 per share, which is around 9% lower than the issue price of Rs 949 a piece. After a record-breaking IPO last week, LIC shares started at Rs 867.20. At 11.12 am, the scrip was trading at Rs 881.75 at the BSE. The share rose to a high of Rs 920 in the morning trade. According to analysts, the volatility in the global market has arguably cast a shadow on the share listing of the country's largest insurer.
Unfortunately, investors were not even able to enjoy the listing gains. While people who failed to get the allotment for the LIC IPO had no fear, others were left disappointed. LIC's low stock opening has provided fodder to the meme makers who have been bombarding Twitter with hilarious reactions and jokes.
Expressing his delight in canceling the LICIPO, one of the users wrote, "I am a champion of #pullout game. After @Paytm, so happy to have canceled #LICIPO bid too."
Check out some more reactions below:
The government has brought down the issue size from 5 per cent to 3.5 per cent -- Rs 21,000 crore. It will be a landmark public issue in the history of the Indian capital market and is poised to be India's biggest IPO till date. The IPO values LIC at Rs 6 lakh crore.