The LIC IPO is now open for subscription, with a 28 percent subscription rate in under two hours.

The subscription period for the Life Insurance Corporation of India’s initial public offering (IPO) began on Wednesday. As of 12:03 p.m., bids for 4.43 crore equity shares had been received against an IPO size of 16.20 crore shares, which had been subscribed 28 percent within two hours on the first day of bidding.

The component for retail individual investors was booked 0.31 times, while the category for non-institutional investors was subscribed 0.06 times. Employee reserved portions were subscribed 0.47 times and policyholder reserved portions were subscribed 0.96 times, respectively.

After reserving shares for employees and policyholders, the remaining shares will be distributed in the following proportions: 50% to eligible institutional buyers, 35% to retail investors, and 15% to non-institutional buyers.

The public offering, which has a price range of 902-949 per share, will end on May 9.

The IPO will accept subscriptions on Saturday (May 7) as well, in an unusual step designed to attract additional investors.

LIC policyholders would receive a 60 percent discount on equity shares, while retail investors and employees will receive a 45 percent discount.

On May 1, the stock will be launched on the BSE and NSE stock exchanges.

With over 280 million policies, LIC is the largest insurer in India.