The government will open an offer for sale in LIC on Tuesday for non-retail investors and retail investors will be able to bid on Wednesday. The move of the government aims to reduce its stake in the country's largest insurer and meet minimum public shareholding (MPS) milestones ahead of schedule. Now the government holds a 96.5 per cent stake in LIC and after the OFS, its shareholding is expected to reduce to 90 per cent. However, the final size of the stake sale will depend on subscription levels during the bidding process. Typically, institutional and non-retail investors participate on the first day, while retail investors bid on the second day.