Several Twitter users took to the microblogging site, sharing memes on LIC’s poor stock market debut. While some made sarcastic remarks on the poor opening of LIC shares, others shared posts that were outright funny.
New Delhi: Life Insurance Corporation of India made a tepid stock market listing on Monday. The scrip of the insurance behemoth debuted at around 9 per cent discount at Rs 867.20 apiece at the BSE on Tuesday against its issue price of Rs 949. On one hand while the miserable opening wiped out Rs 42500 cr from investor wealth, it did open a barrage of memes on Twitter.
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Several Twitter users took to the microblogging site, sharing memes on LIC’s poor stock market debut. While some made sarcastic remarks on the poor opening of LIC shares, others shared posts that were outright funny.
A twitter user wrote, “LIC is that topper in school who fails miserably in CA finals.”
Another wrote, “LIC is buying all the shares except LIC shares”
LIC debuted at around 9 percent discount at Rs 867.20 apiece at the BSE on Tuesday against its issue price of Rs 949. At the NSE trading in LIC shares started at Rs 872.
At the issue price of Rs 949, the market capitalisation of Life Insurance Corporation (LIC) of India stood at Rs 6,00,242 crore. At the listing price, the market capitalisation of LIC dipped to Rs 5,57,675 crore, resulting in a loss of around Rs 42,500 crore in the company`s market capitalisation.
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The country`s largest insurer LIC had set its price band for the Initial Public Offer (IPO) at Rs 902 to Rs 949 per equity share. As the IPO is fully subscribed the issue price stood at Rs 949 per share. Policyholders have received a discount of Rs 60 per equity share, while retail investors and employees have been offered a discount of Rs 45 on each share.
