Mumbai, May 4 (UNI) The initial public offering (IPO) of insurance behemoth Life Insurance Corporation of India which opened for subscription on Wednesday attracted bids for 5.40 crore equity shares against the size of 16.20 crore shares.

 As of 12.50 pm, the IPO was subscribed 33 per cent on the first day of bididng. The retail individual investors' portion was booked 0.36 times, while the non-institutional investors' category was subscribed 0.08 times. Employee reserved and policyholder reserved portions were subscribed 0.58 times and 1.16 times, respectively. The public issue, which has a price band of Rs 902-949 a share, will conclude on May 9 and the stock would get listed at both the exchanges - BSE and NSE - on May 17. The issue comes with a discount of Rs 60 for policyholders and Rs 45 for retail and employees. The government plans to raise Rs 21,000 crore by diluting a 3.5 per cent stake in LIC.