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Life Insurance Corporation of India's initial public offering saw full subscription of its retail segment in the early hours of the third day of bidding on Friday.

The issue opened for subscription on Wednesday, and continues to see a strong interest from all investor categories.

The portion reserved for eligible policy holders was subscribed 4.01 times, reservation for eligible employees was subscribed 3.06 times, retail category was subscribed 1.23 times, the non-institutional investor (NII) category witnessed subscription of 0.76 times, and qualified institutional buyers (QIB) category saw subscription of 0.56 times.

The overall issue was subscribed 1.38 times.A

The offer received bids for 22,36,98,915 shares against the offered 16,20,78,067 equity shares (excluding shares offered to anchor investors), as per the 7 p.m. data available on the bourses.

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.

It will be a landmark public issue in the history of the Indian capital market and 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.

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