Shares of LIC had debuted on the stock exchange on a weak note on Tuesday at a discount of more than 8% from their issue price. The LIC certificate opened at Rs 867.20 each on the BSE, down 8.62% from the issue price of Rs 949. On the National Stock Exchange (NSE), it opened 8.11% lower. less at Rs 872.00 per share.

Throughout its first session, LIC stock traded lower than the issue price, reaching a high of Rs 920.00 on BSE and Rs 918.95 on NSE. At the bottom, the stock touched Rs 860.10 on BSE and Rs 860.00 on NSE. Eventually, it settled at Rs 875.45 on the BSE, down Rs 73.55 (7.75%) from the issue price and at Rs 873.00, down Rs 76 (8 .01%) on the NSE. The market capitalization of the company at the end of the first day stood at Rs 5,53,721.92 crore, according to BSE data.

The government has sold over 22.13 crores of shares or a 3.5% stake in LIC through the IPO. The price range of the issue was Rs 902-949 per share. However, the shares were allocated to investors on May 12 at the upper end of the price range.

LIC’s IPO – the largest to date in India – closed with 2.95x subscription, mostly led by retail and institutional buyers, but participation from overseas investors remained subdued.