Anchor investors, who collectively bought nearly 59.3 million shares a day before the IPO opened for subscription at ₹949 apiece, can sell their shares in the open market from Monday.
The stock fell over the past nine consecutive sessions – from ₹837 to ₹709.70 on Friday. Analysts expect a further correction in the stock, and according to them, the low made on the first day of trade after the lock-in period may act as a support for a fundamentally sound business.
Agencies“LIC share prices may drop further, but high-risk appetite investors may hold their positions,” said Ravi Singh, head of research, Share India. “It is expected that in the long run, the business metrics of LIC will improve steadily. Investment done at lower levels will deliver good returns in the long term.”
LIC’s M-Cap of ₹4.49 lakh crore on Friday is much lower than its embedded value (EV) of about ₹5.4 lakh crore as of September 30, 2021. Listed private sector peers
, , and Life are currently traded at a valuation multiple of 2 to 3.5 times FY22 EV. LIC shares were listed on May 17, 2022, at ₹865 on the BSE, an 8.62% discount from the IPO price of ₹949.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Education News Click Here
For the latest news and updates, follow us on Google News.
