22, February, 2024
HomeBusinessLIC Shares Soar to New Heights, Surpass Retail IPO Price for the First Time

LIC Shares Soar to New Heights, Surpass Retail IPO Price for the First Time

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Shares of Life Insurance Corporation of India (LIC) witnessed a remarkable surge, hitting a new 52-week high of Rs 919.45 apiece on BSE, marking the first instance of surpassing the IPO price for retail investors. This milestone comes as a testament to LIC’s robust performance in the market.

Read Also | LIC’s Q2 2023: Navigating Challenges with Resilience and Strategic Growth

The surge, with a nearly 3% gain in morning trade, showcases a significant achievement for LIC. The stock has exceeded its IPO price of Rs 904 for retail investors, a notable development since its listing at Rs 867 apiece. Closing at Rs 892.50 on Tuesday, January 16, the shares demonstrated sustained growth.

LIC’s initial public offering took place in May 2022, featuring a subscription price band of Rs 902 to Rs 949 per share. Notably, retail investors were offered a discount of Rs 45, leading to the adjusted price per share of Rs 904.

Investors in LIC have experienced substantial returns in recent months, with the share price witnessing a 12% rise over the past month and an impressive 37% surge in the last three months. The stock has exhibited an outstanding 70% increase from its 52-week low of Rs 530, reflecting the market’s confidence in LIC’s performance.

Chairman Siddhartha Mohanty’s optimistic outlook for achieving double-digit growth in new business premiums in the financial year 2024 has significantly contributed to LIC’s recent success. The insurer is set to launch three to four new products, crucial in achieving its ambitious goals. Additionally, the introduction of the special scheme named Jeevan Utsav on November 29 has generated notable interest and positively impacted LIC’s market position.

Furthermore, LIC has reclaimed its position as the most valued listed public sector undertaking (PSU), surpassing the market capitalization of the State Bank of India (SBI). With LIC’s market capitalization at Rs 5.64 crore, exceeding SBI’s Rs 5.63 crore, the insurer solidifies its status as a market leader.

Read Also | LIC’s Jeevan Utsav, 10% Sum Assured Income Benefit Policy

Despite a slight dip, with shares trading at Rs 891.60 apiece at 12:03 PM on BSE, the overall trajectory suggests a strong and resilient performance for LIC in the market.

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