New Delhi, May 9 (IANS): The initial public offering of Life Insurance Corporation of India has received robust response from investors with the insurance major's offer having been subscribed 2.89 times.

It received bids for 46.77 crore equity shares against IPO size of 16.2 crore equity shares.

The portion set aside for policyholders has been subscribed 5.97 times, employees bid 4.31 times the allotted quota, and retail investors 1.94 times, while the reserved portion of qualified institutional buyers has booked 2.83 times and that of non-institutional investors 2.8 times, as per reports.

The long-awaited Initial Public Offering (IPO) for the LIC will is open for subscription till Monday i.e May 9.

Despite the government bringing down the issue size from 5 per cent to 3.5 per cent, it is poised to be a landmark public issue in the history of the Indian capital market and India's biggest IPO till date.

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 were offered a Rs 60 discount, while for retail investors, the discount was at Rs 45.