1 / 8 Life Insurance Corporation of India's much-awaited IPO, or initial public offering, will open May 4 (May 2 for anchor investors) and close May 9 for the general public, LIC officials said in a recent press briefing. 2 / 8India's biggest public issue to date, share price band in the government-owned insurance giant is selling over 22.13 crore shares between ₹902 and ₹949 per share. Total IPO value is set at ₹21,000 crore. Policy holders will get a ₹60 per share discount and retail employees and anchor investors will get a ₹45 discount.3 / 8 Issue will begin on May 4 and will be open till May 9. Price band will be between ₹902 and ₹949 per share. LIC policy holders' reservation portion will be 10 per cent of offer size, while employees will have five per cent of post-offer equity share capital reserved.Overall, around 15.81 lakh shares have been reserved for employees and around 2.21 crore shares have been reserved for policyholders. Normal investors can apply in the 'qualified institutional buyers' segment and retail portion. Over 9.88 crore shares have been reserved for QIBs and over 2.96 crore for non-institutional buyers.4 / 8How to apply for LIC IPO - a step-by-step guideStep 1: Log in to your online net-banking account. You will be directed to their home page subsequently.Step 2: Go to the investment section > click on the IPO/e-IPO option.Step 3: Fill in depository details and bank account details. Once you do that, the verification process will be completed.5 / 8Step 4: Click on the 'Invest in IPO' option after verification is completed.Step 5: Click on LIC IPO > add the number of shares and the ‘bid price’.Step 6: Once you have read the terms and conditions of the bidding, click on ‘Apply Now’Step 7: At the bank, application money will remain blocked till finalisation on basis of allotment. The account will be debited post allotment of the shares.6 / 8How to check share allotment: Step-by-step guideTo check whether you have been allotted shares or not, you will have to follow the below mentioned steps-Step 1: Go to https://www.bseindia.com/investors/appli_check.aspxStep 2: Select the issue typeStep 3: Enter issue name, application number, PAN detailsStep 4: Click on search7 / 8The government plans to sell a 3.5 per cent stake instead of the five per cent that was listed in the previous Draft Red Herring Prospectus (DRHP), sources had told ANI. The government earlier wanted to sell 31.6 crore shares.8 / 8The company's embedded value - or measure of consolidated shareholders value in an insurance firm - was estimated at ₹5.4 lakh crore in September.