India's Biggest-Ever IPO of Insurer LIC

The transcript discusses LIC's dominance in the Indian life insurance market, controlling nearly two-thirds of it and amassing assets worth almost $500 billion, surpassing the country's mutual fund industry. Despite reducing its IPO to $2.7 billion, it remains India's largest offering and ranks among the top global IPOs of the year, trailing only three other listings.

What is the significance of this IPO in the context of India's financial market?

How does this IPO rank globally among other listings this year?