66.96 per cent of total applicants did not receive the offering
KATHMANDU, MARCH 25
The Initial Public Offering (IPO) of Jyoti Life Insurance Company Limited (JLIC) has been distributed, today.
Jyoti had issued 6,600,000 units of IPO worth Rs 66 crore from March 5-10.
A total of 1,842,480 applicants (Rejected, Disqualified and Valid) had applied for 38,486,020 units. However, only 1,797,835 applicants who had applied for a total of 35,899,360 units were deemed valid.
Due to the oversubscription of the issue, the IPO was allotted according to a lottery following which 594,000 applicants received 10 units each while 1,203,835, a 66.96 per cent applicants were left empty-handed.
According to the issue manager, 2,942 applicants who had applied for 58,010 units were disqualified.
Of the total offered units worth Rs 66 crore, five per cent amounting to 330,000 units of shares have been set aside for the employees of the company while another five per cent has been set aside for mutual funds. The remaining 5,940,000 units were offered to the general public.
Jyoti Life Insurance has appointed NMB Capital Limited as its IPO issuance manager.
After the IPO, the share distribution of the company will change into 70 per cent promoters' shares and 30 per cent general public shares.
To check the IPO result, click:
- Compiled by Sandeep Sen