New Delhi, May 4 (IANS): The biggest initial public offering (IPO) in the history of Indian markets, the LIC IPO, was subscribed 67 per cent on Wednesday, the first day of bidding.

The LIC policyholders led the initial share of buying in the insurance major's IPO as they subscribed 1.99 times the portion reserved for them.

The LIC employees' reserved portion has been subscribed 117 per cent, while the retail investors' portion has been subscribed 60 per cent, as per reports.

Non-institutional investors have subscribed 27 per cent of their portion, while qualified institutional buyers bought 33 per cent of their allotted quota.

The long-awaited IPO for the LIC will remain open for subscription till May 9. The government has brought down the issue size from 5 per cent to 3.5 per cent.

The IPO values LIC at Rs 6 lakh crore.

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

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