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LIC IPO Listing: Life Insurance Corporation's (LIC) much-awaited initial public offering (IPO), India's biggest-ever listing, turned into a dull affair. The insurance company's shares were about 0.9% higher from their lacklustre debut close.
The listing comes as India`s IPO market is slowing, with first-quarter proceeds raised through India`s primary markets worth $995 million via the three largest IPOs compared with $2.57 billion a year earlier.
The Sensex and Nifty are set to open flat to higher on Tuesday, following subdued cues from global peers and muted trading on the SGX Nifty futures.
Life Insurance Corp is likely to see a lacklustre debut when it lists on Indian stock exchanges on Tuesday despite the $2.7 billion initial public offering being oversubscribed, analysts said.
Shares of the insurer have been priced at the upper end of the IPO price range. They were available in a price band of Rs 902 to Rs 949 per share.