The IPO allotment of Jyoti Life Insurance Company Limited will conclude tomorrow, i.e. Friday, Chaitra 13.
The company closed its IPO issue to the general public on 26th Falgun, 2077. This IPO issue was opened from 21st Falgun. The company has a total of 2.2 crore registered shares of which 66 lakh shares have been issued in this IPO. Thus, the IPO will raise a total of Rs. 66 crores in paid-up capital.
5% of the issue, i.e. 3,30,000 units were set aside for the employees of the company and another 5% to mutual funds. The remaining 59,40,000 units were purely for individual investors.
NMB Capital was the issue manager for the proposed IPO issue. According to CDSC, 18,04,648 applicants have applied for a total of 3,80,57,710 units. Thus, the issue is oversubscribed by over 6.4 times. This IPO broke all previous records to be the one with the most applications received.
The allotment will commence at 12: 30 pm tomorrow at the corporate office of Jyoti Life Insurance itself. The reason why this allotment took a look time is that banks failed to update and verify all applications on time, because of which the issue manager could not initiate its procedures. The issue manager has yet to decide whether the allotment will be streamed live via its Facebook page.