$LIC.P plunged early in its debut after a record initial pubic offering that priced at the top of the range and was oversubscribed nearly 3 times. Stock is hovering at Rs 904 amid 2.5cr shares traded on NSE. $LIC.P shares started trading at Rs 865 a piece, 8.65% over its issue price of Rs 949 on BSE. The share opened at Rs 872 on NSE, 8.8% discount over the premium. Reason? The sell off in the global and domestic market, the hike in interest rates by the central banks and the accelerating inflating statistics, and an ongoing gobal war have dampened the euphoria around the listing of mega IPO. $LIC.P IPO comes amid intense competition in the industry an has a market share of more than 66 %. LIC IPO valuation is attractive considering its strong market presence, improvement in profitability due to changes in surplus distribution norms and strong sector growth outlook. So, LIC can perform well provided we have bounce in the market.
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