Citizen Life Insurance Company IPO Allotment To Be Concluded on Thursday; 900,000 Applicants Will Get 10 Units Each

Tue, Sep 12, 2023 1:35 PM on IPO/FPO News, Share Allotment, Latest,

The IPO allotment of Citizen Life Insurance Company Limited will take place this Thursday, i.e. on 28th Bhadra, 2080. The allotment program will be held at the premises of the issue manager NIMB Ace Capital Limited, Kathmandu.

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 shares were issued for Rs. 244 per share (Rs 100 face value + Rs 144 premium price) to the general public and for the employees of the company at a par value of Rs. 100.

According to data presented by CDSC, the issue has received approximately 11,07,048 applications applied for a total of 12,450,120 units till the last day. Thus, the IPO was oversubscribed by 1.38 times in terms of the number of units through ordinary applicants as of the closing day.

Looking at the data, it is apparent that only 900,000 lucky applicants will get ownership of the company.

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.