LIC Share Price Jumps To An All Time High, Breaches Rs 1000 Mark For The First Time Ever

Life Insurance Corporation (LIC), India¡¯s largest life insurance company has hit an all time high today as its share price has surged significantly making it surpass Rs 1000 mark for the very first time!

Its new peak stands at Rs 1,028 after gaining almost 8.8 percent.

lic becomes most valuable psu/shutterstock

Ever since LIC went public with its IPO in May 2022, it experienced a low-key performance in the market. However, last year in November it saw a noticeable upward trend with a substantial gain of over 12 percent.

It continued to scale high in the next two months with 22 percent rise in December, followed by 14 percent in January 2024.

January proved to be a milestone for LIC as the IPO price breached the Rs 900 mark. Since then the stock has maintained an upward momentum achieving record highs proving to be fruitful for early investors who held on to their stocks since listing.

shutterstock

At the time of going public on May 17, 2022, LIC was listed on the Indian stock exchanges at ?875.25 apiece as compared to the issue price of ?949.

Now that it has surged to an all time high, the company's market cap stands at ?6.4 lakh crore, making it the sixth-largest listed company in India and number one among government-listed PSU companies.

The LIC stock has surged more than 55 percent in the past three months.

The government sold over 22.13 crore shares in the company through an offer-for-sale. The price band for the issue was fixed at Rs 902-949 per share.

After the IPO, the government holding in LIC stands at 96.5 percent.

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here