The initial public offering (IPO) of Life  Insurance Corporation of India opened for subscription today. The public  issue will close on May 9.

The insurance behemoth stated that it has garnered around ₹ 5,627 crore from anchor investors ahead of the IPO. 

The LIC IPO was subscribed 67 per cent at 7 pm, when bidding closed for the first day. 

Retail individual investors' portion was booked 0.60 times and non-institutional investors' category was subscribed 0.27 times.

Employees' reserved and policyholders' reserved portions were fully subscribed, 1.17 times and 1.99 times, respectively.

The LIC IPO will take subscriptions even on Saturday (May 7), an unusual  move aimed at attracting more investors. The shares would get listed at  the stock exchanges on May 17.

The price band for LIC IPO is ₹ 902-949 per equity share. LIC policyholders will get a discount of ₹ 60 per equity share.

The Centre plans to raise ₹ 21,000 crore by diluting a 3.5 per cent stake in LIC.

The country's largest insurer reduced its IPO size to 3.5 per cent from 5  per cent decided earlier due to the prevailing market condition.