Life Insurance Corp. of India Ltd. was the biggest bidder in National Stock Exchange of India Ltd.’s initial public offering, according to people familiar with the matter, highlighting strong demand from local long-term institutional investors even as retail participation remained subdued. The state-owned insurer placed bids worth about 45 billion rupees ($470 million), the people said, asking not to be identified as the details aren’t public. ICICI Prudential Asset Management Co. and Quant Mutual Fund submitted bids of about 20 billion rupees ($209 million) each, while Norges Bank Investment Management and Mirae Asset Mutual Fund sought roughly 10 billion rupees each, the people said.