With $17-bn wipeout, LIC IPO among biggest wealth destroyers in Asia

LIC's shares are poised to fall for a 10th consecutive session, slipping as much as 5.6% Monday after a mandatory lock-up period for anchor investors ended Friday

An eye-popping $17-billion wipeout in market value has made Life Insurance Corp of India one of the biggest wealth destroyers among Asia’s initial public offerings this year.

Having plunged 29% since its May 17 debut, India’s biggest ever IPO now ranks second in terms of market capitalization loss since listing, according to data compiled by Bloomberg. The drop puts it just behind South Korea’s LG Energy Solution Ltd., which saw a more than 30% peak-to-trough decline in its share price after an initial spike on debut.

Almost a month after listing, LIC’s $2.7-billion IPO has turned out to be one