India's biggest-ever IPO falls 7 percent on market debut

Agence France-Presse

Posted at May 17 2022 01:48 PM

A man walks past a Life Insurance Corporation (LIC) branch office in Bhayander, outskirts of Mumbai, India, 04 May 2022. India’s largest-ever Initial Public Offering (IPO) of LIC, opened for subscription on 04 May and will close on 09 May. Divyakant Solanki, EPA-EFE/File
A man walks past a Life Insurance Corporation (LIC) branch office in Bhayander, outskirts of Mumbai, India, 04 May 2022. India’s largest-ever Initial Public Offering (IPO) of LIC, opened for subscription on 04 May and will close on 09 May. Divyakant Solanki, EPA-EFE/File

MUMBAI, India - India's biggest-ever IPO, state-owned insurance giant LIC, fell seven percent from its flotation price of 949 rupees when it made its market debut Tuesday.

The long-awaited IPO -- delayed since March due to market volatility -- is a crucial step in Prime Minister Narendra Modi's drive to "monetize and modernize" state-run companies and plug an estimated 16.6 trillion rupee ($213.5 billion) fiscal deficit.
 

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