New Delhi, May 3 (IANS): Domestic mutual funds invested Rs 4,002 crore, accounting for a little over 71 per cent of the total anchor book portion of the much-awaited initial public offering (IPO) of Life Insurance Corporation (LIC).

SBI Mutual Fund reportedly invested around Rs 1,007 crore, becoming the largest investor in the anchor book quota.

The insurance major mobilised a total of Rs 5,627 crore from anchor investors on Monday.

An anchor investor in an IPO is a qualified institutional buyer (QIB) which invests before the IPO is made available to the public, as per market regulator SEBI's regulations, in order to instill confidence among investors.

The long-awaited Initial Public Offering (IPO) will open for investors on May 4 and will remain open to subscription till May 9.

The government has brought down the issue size from 5 per cent to 3.5 per cent.

A landmark public issue in the history of the Indian capital market, it 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 will be 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.