General Insurance Company's IPO closes with the highest number of applicants ever; Issue oversubscribed 7.49 times

General Insurance Company Nepal Limited has closed the issue of 30,00,000 units worth Rs 30 crore as Initial Public Offering to the general public from today (Ashwin 14, 2077). This IPO issue was opened since Ashwin 11.

According to the issue manager NIBL Ace Capital, the issue received 8,13,725 applicants for a total of 2,24,77,030 units as of 5 pm today. This is the highest number of applicants an IPO issue has ever witnessed.

Today was the last day of the IPO issue. Thus, the issue is oversubscribed by 7.49 times. This also means that investors will now only get a maximum of 10 units, that too by lottery.

Out of the offered 30,00,000 units; 4% was set aside for the employees of the company and 5% for the mutual funds. The remaining 27,30,000 units were for the general public.

After the issuance of 30,00,000 units of IPO shares, the company's paid-up capital will be Rs. 1 Arba, and the promoter/public ratio will be 70:30.

The company’s profit has increased from Rs. 3.62 crores to Rs. 5.06 crores in the fourth quarter of the last fiscal year 2076/77.