New Delhi, May 4 (IANS): The Dalal Street would be in focus as the subscription for the initial public offering of insurance major Life Insurance Corporation has opened on Wednesday.

The long-awaited Initial Public Offering (IPO) for the LIC will remain open to subscription till May 9.

The government has brought down the issue size from 5 per cent to 3.5 per cent.

It will be a landmark public issue in the history of the Indian capital market and is poised to be India's biggest IPO till date.

The IPO values LIC at Rs 6 lakh crore.

The issue offer of the LIC will be in the price band of Rs 902 to Rs 949.

Also, the policyholders will be offered a Rs 60 discount, while for retail investors, the discount will be Rs 45.

Domestic mutual funds reportedly invested Rs 4,002 crore, accounting for a little over 71 per cent of the total anchor book portion of the much-awaited initial public offering (IPO) of Life Insurance Corporation (LIC).

The insurance major mobilised a total of Rs 5,627 crore from anchor investors on Monday.

An anchor investor in an IPO is a qualified institutional buyer (QIB) which invests before the IPO is made available to the public as per market regulator SEBI's regulations in order to instill confidence among investors.