LIC Shares Reach ₹900 for the First Time
LIC India Shares: For the first time since its listing in May 2022, the shares of Life Insurance Corporation of India (LIC) have risen to an all-time high of ₹900. In terms of market capitalization, this accomplishment places LIC ahead of the State Bank of India (SBI), the biggest public sector bank in India.
On May 17, 2022, the shares of LIC were listed for ₹875.25 each, with a ₹949 IPO (Initial Public Offering) price. In spite of a decline in share prices that peaked at ₹530, there has been a notable upswing in recent months. The price of LIC’s shares increased significantly by more than 12% in November 2023. With a growth of 22.52% in December and an additional 7.51% in the first two weeks of January 2024, the upward trend persisted.
With this increase, LIC’s market capitalization has risen to more than ₹5.66 lakh crores. LIC’s market capitalization has increased by ₹1.83 lakh crores in just the past three months.
The stock is currently only 6.21% away from its ₹949 IPO price. With this increase, LIC’s market capitalization has overtaken SBI’s, which is currently at ₹5.63 lakh crores. It is noteworthy, nevertheless, that preliminary market trends suggest that SBI might reclaim its position within a few hours.
Thanks to the rise in share prices, LIC has surpassed State Bank of India to become India’s most valuable government firm. Even though LIC is in first place, the company’s investors have witnessed a large increase in their wealth.
After nearly two years of running at a loss, LIC’s share prices have now, for the first time since listing, returned to the level of its first public offering. Shares of LIC are still below the IPO price even though they are currently above the listing price.
It is imperative to note that LIC is still the biggest initial public offering (IPO) in India to date, having garnered ₹21,000 crores via the sale of a portion of the insurance behemoth. The government still owns a massive 96.5% of the business.
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