Pre-market trading indicates shares will open at 15 to 20 rupees lower than the Rs. 949 issue.

The fundraising target for the LIC listing has reportedly been slashed to 300 billion rupees ($3.9 billion) because of cool investor sentiment

Surging inflation, looming higher interest rates, supply chain bottlenecks and the Ukraine war are among factors that brought the market back to earth.

While the pricing has not yet been set, analysts expect the IPO to potentially earn the government close to 75,000 crore rupees (about $10 billion)

Life Insurance Corp of India's embedded value has been put at more than 5 trillion rupees ($66.8bn), an official overseeing what is expected to be the country's largest IPO said on Thursday