Life Insurance Corporation of India’s (LIC’s) tepid stock market debut adds to the weak listing scorecard of public sector undertakings (PSUs).
Most large floats by the government have failed to create long-term wealth for investors. For instance, shares of Coal India, second-largest PSU IPO after LIC, are currently down 25 per cent over their issue price. The stock got listed in November 2010.
Shares of General Insurance Corporation of India (GIC RE) and The New India Assurance Company—which listed in 2017—are down 74 per cent each.
There are some exceptions to the rule though. Shares of IRCTC, which listed in