Mumbai, May 4: The much-awaited initial public offering (IPO) of Life Insurance Corporation of India (LIC) opened for public subscription on Wednesday morning, and around one-third of the shares were subscribed in the first two hours.

Policyholders and employees are driving the subscriptions. The policyholders' portion was fully subscribed just within a couple of hours of the opening of the public subscription of the country's largest IPO.

At around 12.25 pm, the policyholders' portion was subscribed 1.05 times. Over 50 per cent of the shares reserved for employees were subscribed by 12.25 pm while around 33 per cent of the retail portion was subscribed. LIC Mega IPO Opens for Subscription; to Close on May 9.

However, there has been a muted response in the non-institutional category. The non-institutional category that consists of corporates, individuals, and others has witnessed just 6 per cent subscription.

Overall, around 31 per cent of the shares up for sale have been subscribed in just around the first two hours. The country's largest IPO will remain open for public subscription till May 9. LIC has set its price band for the Initial Public Offer (IPO) at Rs 902 to Rs 949 per equity share. Policyholders are offered a discount of Rs 60 per equity share, while retail investors and employees are offered a discount of Rs 45 on each share.

The IPO is a pure offer for sale. Out of the 22.13 crore shares offered for sale, around 5.93 crore shares have been reserved for the anchor investor portion. Employee reservation portion is at 1.58 million while policyholder reservation at 22.14 million.

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