New Delhi, May 5 (IANS): The initial public offering of insurance major Life Insurance Corporation of India has been subscribed 1.02 times on second day of the issue.

It received bids for 16.48 crore equity shares against offer size of 16.2 crore equity shares, reports said.

The portion alloted for policyholders portion has been subscribed 3.07 times, employees 2.2 times, and retail investors subscribed 92 per cent, while QIBs at 40 per cent.

The long-awaited Initial Public Offering (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.

Seen as a landmark public issue in the history of the Indian capital market, it 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 is in the price band of Rs 902 to Rs 949.

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