Life Insurance Corp. of India (NSE:LICI, BOM:543526) was the biggest bidder in the 200-billion-rupee IPO of National Stock Exchange of India, placing an order worth about 45 billion rupees, Bloomberg reported Tuesday, citing people familiar with the matter.

ICICI Prudential Asset Management and Quant Mutual Fund each bid about 20 billion rupees, while Norges Bank Investment Management and Mirae Asset Mutual Fund sought roughly 10 billion rupees each, according to the report.

The bidding showed strong demand from large institutional investors, while retail participation was more subdued, Bloomberg noted. The offering was reportedly subscribed 5.7 times overall, with the portion reserved for retail investors subscribed 1.3 times and the qualified institutional buyer portion 12.7 times.

The offering, which comprised only shares sold by existing shareholders, was priced at INR1,785 per share, the top end of the price range. Shares are scheduled to start trading on the BSE on Sept. 24.

NSE and LIC did not immediately respond to requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)