The Union government has fixed the issue price of Life Insurance Corporation shares at Rs 949 apiece, PTI reported on Friday. The country’s largest insurer will get listed on the stock markets on May 17.

Policyholders of the LIC and retail investors will get shares of the company at a discounted price of Rs 889 and Rs 904.

The Initial Public Offering, or IPO, of the Life Insurance Corporation closed on May 9 and shares were allocated to the bidders on May 12. The IPO was the largest in India’s history and was oversubscribed nearly three times.

The government sold over 22.13 crore shares or a 3.5% stake in LIC through the IPO. The price band for the LIC IPO was fixed between Rs 902 to Rs 949 per equity share.

An initial public offering is a process in which private companies offer shares to the public by issuing new stocks. At the end of the IPO process, the company gets listed on the stock exchange and is allowed to raise capital from public investors.