We have been cautious about all IPOs in the past and advised clients to avoid glamorous and even the not so glamorous ones. With respect to LIC, while it is a market leader, we are concerned about their steady reduction in market share. Since markets always look forward, the Price to Embedded Value ratio is also at a ‘discount’ compared to the large private life insurers. This may not be an anomaly that will get addressed soon. To use a software parlance, it is a feature and not a bug; bugs can be fixed relatively quickly. We are also cautious having seen the experience of GIC Reinsurance and other large PSUs over the long term.