Life Insurance Corporation (LIC) of India has set the initial public offering (IPO) issue price at Rs 949, which is at the top-end of the indicative range, said in a report.

The LIC IPO sold in the range of Rs 902-949 from May 4 to May 9.

LIC is the biggest IPO in the history of Indian stock markets. Owing to the strong demand from the retail investors, policyholders, and employees of the insurer, the IPO was subscribed 2.95 times on the final day of bidding.

The insurance giant of India received bids for 478.3 million shares against the 162 million on sale (excluding the anchor book), according to the exchange data. The issue broke the 14-year-old record of Anil Ambani's Reliance Power share sale that drew 4.8 million applications in 2008. LIC received more than 7.3 million applications.

Friday will see initiation of refunds to bidders did not get share allotment. On Monday, shares will be credited to eligible investors and the stock's listing is all likely by Tuesday.

LIC was the largest ever IPO in the domestic primary market as the government sold 22.13 crore shares or 3.5 per cent stake in the company, valuing it at Rs 6 lakh crore, about 1.12 times the embedded value of Rs 5.4 lakh crore.