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The gray market premium for LIC is now negative.

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The gray market premium for LIC is now negative.

Life Insurance Corp (LIC) shares’ grey market premium (GMP) turned negative on Wednesday, ahead of its May 17 listing.

According to a trader who did not want to be identified, the LIC GMP peaked at Rs 93-95 per share and then began to decline. On May 5, it was trading between Rs 8 and Rs 10 per share. It was extremely volatile on May 6 and 10, with a downward trend, he said. He added that it had fallen from Rs 8-9 per share to a negative Rs 15 per share on Wednesday.

The GMP has steadily declined since its peak, owing to concerns about a lacklustre response from foreign investors. Retail and domestic institutional investors were the primary buyers of the IPO. The presence of foreign investors was minimal.

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Investors were also concerned by volatility, which was sparked by fears of global central banks tightening in response to higher inflation.

While the lower valuation in comparison to peers is a positive, analysts are concerned about accumulated losses of Rs 6,028 crore, loss of market share, a lack of digital presence, and the perception that not all decisions made by the country’s largest life insurer are in line with shareholder interests.

By selling 3.5 percent of its stake in the country’s largest insurer, the government will raise Rs 20,500 crore. The stock offering began on May 4 and ended on May 9. On May 12, allotments will take place, and shares will be credited to demat accounts on May 16.

The price band had previously been set at Rs 902-949 per share by LIC, which had slashed around 60% of its issue size due to poor market conditions.

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The initial public offering (IPO) was a pure offer to sell up to 221.37 million shares. For the anchor investor portion, the company set aside 59.29 million shares. The reservation portion for employees is 1.58 million, while the reservation portion for policyholders is 22.14 million. The QIB portion has a value of 98.83 million.

“The IPO was reasonably priced.” However, investors’ moods were disturbed by volatile market sentiments. If market sentiments had remained stable, we would have seen much higher subscription across all investor categories,” said Manan Doshi, co-founder of UnlistedArena.com.

“Despite the attractive offer, the volatile market environment, low subscription, and bulky issue size are the factors generating pessimism,” he said.

Meanwhile, GMP of Delhivery Ltd, Venus Pipes & Tubes Ltd, and Prudent Corp Advisory Services Ltd were trading at Rs 8-9 a share, Rs 40-42 a share, and Rs 34-36 a share, respectively.

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Stephanie Hsu and Zosia Mamet talk about their new series Laid, and some of the horrors of dating as millennials.
Imagine a scenario where anyone and everyone you have ever been intimate with begins to die one by one. Is it a curse? If yes, then who is cursed? These are questions that Stephanie Hsu‘s Ruby battles with in the new zany comedy, Laid. Ahead of the show’s release, Stephanie and co-star Zosia Mamet spoke exclusively with HT about their roles, the show’s unique premise, and the horrors of dating as millennials. (Also read: Dune: Prophecy star Emily Watson on working with Tabu: ‘She is a true treasure’)

Stephanie Hsu on her character’s flawed morality

Laid, created by Nahnatchka Khan and Sally Bradford McKenna, is the story of Ruby (Stephanie Hsu), who discovers that all her sexual partners are dying one by one, and she must warn them. Helping her in this unique quest is her best friend AJ (Zosia). The fun thing about Laid is that the protagonists are not the usual likeable characters. “She is totally an anti-hero of our story. I really love that,” says Stephanie, referring to Ruby’s moral greyness. “I am not a perfect person and I love playing flawed characters. But it was difficult. The creators told me that she is a total narcissist. But narcissists don’t think they are one, so I had to figure out a way to love her. For me, playing Ruby was about getting into her psychology and finding the innocent part of her – which is that she just wants love,” the actor adds.

While sitcoms usually add the best friend as the voice of reason trope, Laid diverges from that, with AJ even zanier and more morally ambiguous than Ruby. Talking about playing such a colourful character, Zosia Mamet says, “When you play not-so-likable or zany characters, people don’t believe they are that way. I don’t think AJ wakes up every morning and thinks, ‘I am absolutely crazy’. It’s about trusting the writing and finding an organic way into these characters to make them seem grounded, real, and relatable.”

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Stephanie, Zosia reveal the worst gifts they received from partners

In Laid, Ruby gives the gift of death to the men she is with, even if that is inadvertent. Ask the women about the worst ‘gift’ a partner has ever given them, and the discussions veer into the unusual horrors of modern-day dating. “I got a vintage wooden duck decoy from someone. It was broken, and I thought, ‘What does this say about our relationship?’. They didn’t know me well enough to know if I’d want this but also that they gave me something old and ailing,” Zosia says with a laugh.

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