LIC listing wipes out Rs 42500 cr from investor wealth, Twitterati having a 'hearty laugh'

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.

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."

LIC is that topper in school who fails miserably in CA finals. — CA Kakul Misra (@KakulMisra) May 17, 2022

Another wrote, "LIC is buying all the shares except LIC shares"

LIC is buying all the shares except LIC shares. — P R Sundar (@PRSundar64) May 17, 2022

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.

When you see that LIC grey market premium is negative #LICIPO pic.twitter.com/SfvfOqqG8N

— Finance Memes (@Qid_Memez) May 17, 2022

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.

The LIC IPO summed up

Discount listing

Wait & watch to see if buyers awaken#MEMES #IPO pic.twitter.com/9JZI6VLU5J — Shaina Gulati (@shainagbedi) May 17, 2022

Me who didn't apply for Lic IPo waiting for the correct price after disaster listing at Rs 872 per share over issue price of Rs 949 : pic.twitter.com/maF8iBu0VY — Ctrl C + Ctrl Memes 45 (@Ctrlmemes_) May 17, 2022

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.

With ANI Inputs