LIC debut is 2nd worst among 11 global firms that raised over $1 bn in 2022

The poor listing is set to disappoint millions of small-time investors who bid enthusiastically for the issue because of their long and emotional association with the insurer and its products

State-run insurer Life Insurance Corporation of India slumped in its Mumbai trading debut after a record initial public offering that priced at the top of the range and was oversubscribed nearly three times.

The shares ended 7.8% lower than the IPO price of Rs 949 after losing 9.4% earlier. The offering raised $2.7 billion, with buyers including sovereign funds in Norway and Singapore, and millions of small-time Indian investors.

LIC’s first-day performance makes for the second-worst debut among 11 global companies that listed this year after raising at least $1 billion through first-time share sales. The weak debut came even as stocks