The IPO allotment of Citizen Life Insurance Company Limited is concluded today at the premises of issue manager NIMB Ace Capital Limited, Kathmandu.
Citizen Life Insurance Company Limited had issued 90,00,000 unit IPO shares for Rs. 244 per share (Rs 100 face value + Rs 144 premium price) to the general public from 15th to 19th Bhadra, 2080.
Out of the total 1,12,50,000 units; 10% i.e. 11,25,000 units shares were issued to Nepalese citizens working abroad, whereas 5% i.e. 562,500 units were set aside for the employees of the company and 5% of the total offered shares i.e. 562,500 units were set aside for the mutual funds. The remaining 90,00,000 units were being issued to the general public.
The issue had received applications from 14,07,237 valid applicants who had applied for a total of 1,55,22,370 units. The issue was oversubscribed by more than 1.95 times.
As per the allotment module, a total of 9,00,000 applicants were allotted 10 units each via lottery and the remaining 5,07,237 applicants were returned with empty hands.
A total of 562,500 units were allotted to the mutual funds and 562,500 units were allotted to the employees of the company.
In total 5,921 applicants who applied for 84,450 units were disqualified.
The IPO result can be accessed by CDSC IPO Result, MeroShare, and NIBL Ace Capital Limited.
Citizen Life Insurance Company Limited is a public limited life insurance company (LIC), licensed by the Insurance Board in August 2017 and operating since October 2017. Its head office is in Teku, Kathmandu. The company has been established with Nepalese capital by its promoters, who include the media industry (Kantipur Publications Pvt. Ltd.), Nepalese BFIs, merchant bankers, investment management companies, insurance companies, and high net-worth individuals.