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Shares of Life Insurance Corporation closed above the IPO price for the first time on Wednesday since its listing in May 2022. The stock closed at ₹949.75 on both the NSE and the BSE, a tad above the IPO price of ₹949.
Though the stock moved above the allotment price of ₹904 (for retail investors) and ₹889 (policy holders) a few days back, it managed to close above ₹949 — the allotment price for HNIs and institutions — only today. With this, all investors can heave a sigh relief, as their investment turned positive after one-and-half years.
Thanks to stupendous rally in the last few months, the maket-capitalisation of insurance major crossed ₹6-lakh crore.
The stock has been on a phenomenal run in the last three months gaining 57.70 per cent. In January 2024, it gave a return of 14 per cent.
LIC turned attractive due to a slew of factors that included compelling valuation, bullish sentiment towards public sector stocks, strong embedded value (EV) growth led by buoyant equity markets and the possibility of a step up in dividends, say experts.
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