Another IPO in Pipeline: Jyoti Life Insurance to issue IPO for 66 lakh unit shares

The IPO of Jyoti Life Insurance Company Limited is in SEBON's pipeline. The insurance company has submitted an application on Mangsir 19 to issue 66 lakh unit IPO shares to the general public.

Jyoti Life Insurance has appointed NMB Capital as the issue manager for the issuance of 66 lakh unit shares. The shares issued is 30% of the issued capital. Of the 66 lakh units to be issued, 5% (3.3 lakh units) is allocated for employees and another 5% for mutual funds. The remaining 59.4 lakh units are solely for individual investors.

If SEBON approves this IPO issue, the paid-up capital of the company will increase to Rs. 2.2 Arba from the current Rs. 1.54 Arba. The promoter: public shareholding ratio will be 70:30.

Jyoti Life Insurance has reported an increase in the net profit by a massive 91.87% in the first quarter of the fiscal year 2077/78 compared to the corresponding quarter of the previous year. The company’s net earnings increased to Rs. 7.22 crore in this quarter from Rs. 3.76 crore in the corresponding quarter.