India's largest initial public offering (IPO) of insurance giant Life Insurance Corporation (LIC) was fully subscribed on day 2 of the auction, according to exchange data.

Offers were received for 16.250 million shares against 16.20 shares offered for sale by LIC.

The section reserved for policyholders and employees is the one that has received the most raffles. While the insured party subscribed 3.07 times, the salaried party subscribed 2.14 times.

By comparison, the ratio of qualified institutional buyers (QIBs) to non-institutional investors (NIIs) has so far received a mixed response. The non-institutional segment was subscribed at 46%, while QIB's share was just under 40%.

      

Retail investors bought nearly 91% of the 6.9 billion shares earmarked for this segment.

The LIC IPO opened for subscription on May 4 and will remain open until May 9, including Saturday and Sunday.

The price range of the initial public offering has been set at Rs902-949 per share.

The offer includes reservation for eligible employees and insured. Retail investors and eligible employees receive a refund of Rs 45 per share, while policyholders receive a refund of Rs 60 per share.

The government intends to generate around Rs 21,000 crore by diluting its 3.5% stake in the insurance giant.

Also Read: LIC IPO - Deatils, Price Band, all that you need to know