India’s insurance behemoth – the Life Insurance Corporation or LIC – has made a muted market debut after a record-breaking IPO last week.
The insurance giant listed at 8.11 per cent discount at ₹872 per share on the National Stock Exchange over the issue price of ₹949. Last week, by selling about 3.5 per cent stake- at the top of the range – of the country’s top insurer, the government raised $2.7 billion or ₹20,557 crore. But volatility in the global market has arguably cast a shadow on the Dalal Street debut, according to analysts.
