India’s largest ever IPO has met its nightmare scenario

India had pulled all stops to make the initial public offer (IPO) of the state-run giant Life Insurance Corporation of India (LIC) a success. Nothing seems to have worked.

The company made a tepid debut on BSE today (May 17) at 867.2 rupees ($11.2), a discount of 8.62% on its issue price of Rs949. On the National Stock Exchange, it got listed at a discount of 8.11%.

The stock price rose to Rs918 apiece in early trade but was still below the issue price.

Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s journalism.