Shares of Life Insurance Corporation of India (LIC) gained nearly 3% in morning trade on Wednesday to hit a fresh 52-week high of Rs 919.45 apiece on BSE. The LIC stock has crossed its IPO price of Rs 904 for retail investors for the first time.
This is the first time that the shares of LIC have risen above the listing price. The shares were listed at Rs 867 apiece. Shares of the largest insurer surpassed the listing price on Tuesday, January 16, to close at 892.50 apiece on BSE.
LIC launched the initial public offering (IPO) in May 2022 and the shares were available for subscription at a price band of Rs 902 to Rs 949 per piece. The retail investors were offered a discount of Rs 45 and that’s how the price per share dropped to Rs 904.
LIC has been giving great returns to its investors in recent months. India’s largest insurer has seen share price rising 12 per cent over the past month and over 37 per cent during the past three months. Until now, the stock has also risen 70 percent from its 52-week low of Rs 530. The stock has gained more than 26% in the last one year.
LIC shares surged 12 per cent in November and 22 per cent in December last year after Chairman Siddhartha Mohanty projected an optimistic outlook of achieving double-digit growth in new business premiums in the financial year 2024. The larger insurer is planning to launch three to four new products that will play a crucial role in achieving the feat. Recently, LIC also launched a special scheme named Jeevan Utsav on November 29. The recent buzz around the stock has also been attributed to this scheme.
Apart from that, LIC has also reclaimed its position as the most valued listed public sector undertaking (PSU), surpassing the market capitalisation of the State Bank of India (SBI). SBI has a market capitalsation of Rs 5.63 crore, while LIC has crossed it with Rs 5.64 crore market capitalisation.
At 12:03 PM, shares of LIC were trading flat at Rs 891.60 apiece, down 0.1%, on BSE.
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