General Insurance Company's IPO issue oversubscribed by 4.9 times on second day

General Insurance Company Nepal Limited has issued 30,00,000 units IPO shares to the general public from today, i.e. Ashwin 11, 2077.

According to the issue manager NIBL Ace Capital, the issue received 5,17,613 applications for a total of 1,47,15,870 units as of 5 pm today. Today is the second day of the IPO issue. Thus, the issue is oversubscribed by 4.9 times. This also means that investors will now only get a maximum of 10 units, that too by lottery. 

The early closing date of this issue is on Ashwin 14 and if the issue is not fully subscribed till Asoj 14, then it can be extended up to Ashwin 25, 2077.

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