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India priced LIC`s record-breaking IPO last week at 949 Indian rupees ($12.20), the top of the indicated range. The government has raised around $2.7 billion from selling a 3.5% stake in LIC, the country`s top insurer, which is state owned.
Shares of Life Insurance Corporation of India (LIC) made a tepid debut on Indian stock exchanges today.
LIC listing: Soon after this became viral, netizens did what they do best -- share the choicest memes. From reminiscing about Paresh Rawal and Akshay Kumar-starrer comedy Hera Pheri to Prabhas and Pooja Hedge-starrer romantic drama Radhe Shyam, here’s how the Internet reacted to LIC’s tepid listing:
LIC listing: Market watchers believe that the ongoing volatility weighed down on the insurance titan’s listing.
On the BSE, the shares got listed at Rs 867.20 apiece, down 8.62 per cent over the issue price of Rs 949 a share.