India’s IPO hubris takes a deserved beating

Life Insurance Corp of India is pricing its initial public offering at just over a third of the value mooted when the state-backed giant first filed its draft prospectus in February, according to filings cited by Reuters.

The deal will raise up to $2.7 billion for the government and value the company at about $78 billion, down from $221 billion. Raising a minimum of $2.6 billion will make it India’s largest-ever float in dollar terms, just exceeding the $2.5 billion raised by One97 Communications, parent of financial super-app Paytm, in November.A man speaks on his phone outside the Life Insurance Corporation of India office in Mumbai, India January 28, 2022. REUTERS/Francis Mascarenhas - RC248S9R1CWK

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