LIC’s listing-day show second-worst globally for big IPOs this year-Business Journal
May 18, 2022
The listing day performance of insurance behemoth Life Insurance Corporation of India (LIC) is among the worst for major initial public offerings (IPOs) this year. Shares of chip manufacturer ASR Microelectronics had slumped 34 per cent in Shanghai during their trading debut in January following its $1.1 billion IPO. LIC’s eight per cent drop is second-worst for IPOs that have mopped up at least $1 billion from the market in 2022. The best-performance is also by a Chinese firm Jinko Solar, whose stock more than doubled on listing. The average first-day returns for the 11 big debuts this year is 20.6 per cent, shows data compiled by Bloomberg. LIC’s $2.7 billion offering was the fifth biggest this year. The largest IPO so far this year is by South Korean EV battery maker LG Energy Solution, which raised $10.8 billion. Its stock had soared 68.3 per cent during its trading debut in January. Dear Reader,
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