New Delhi, May 17 (IANS): Shares of the much-awaited Life Insurance Corporation of India (LIC) made a weak listing on the stock exchanges on Tuesday.

The Indian insurance major listed on the stock exchanges at a discount of 8.62 per cent at Rs 867, from its Initial Public Offering (IPO) issue price of Rs 949.

The initial public offering of LIC had, however, received robust response from investors as the insurance major's offer has been subscribed 2.89 times.

It received bids for 46.77 crore equity shares against IPO size of 16.2 crore equity shares.

The portion set aside for policyholders has been subscribed 5.97 times, employees bid 4.31 times the allotted quota and retail investors 1.94 times, while the reserved portion of qualified institutional buyers has booked 2.83 times and that of non-institutional investors 2.8 times.

The long-awaited IPO for the LIC was open for subscription till May 9.

The government has brought down the issue size from 5 per cent to 3.5 per cent -- Rs 21,000 crore.

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 was in the price band of Rs 902 to Rs 949.

Also, the policyholders were offered a Rs 60 discount, while for retail investors, the discount was at Rs 45.