IPO Alert: Jyoti Life Insurance to Issue 66 lakh Shares to the General Public

Jyoti Life Insurance Company will soon issue an IPO to the general public.

The company had submitted an application to SEBON requesting to issue 30% of its issued capital in the form of an IPO. SEBON has approved the application on Falgun 07.

The company has a total of 2.2 crore registered shares of which 66 lakh shares will be issued in the upcoming IPO. Thus, the IPO will raise a total of Rs. 66 crores in paid-up capital.

CARE Ratings Nepal Limited (CRNL) has assigned the ‘CARE-NP BBB (Is)’ rating to Jyoti Life Insurance Company Limited (JLIC). Issuers with this rating are considered to offer a moderate degree of safety regarding timely servicing of financial obligations, in Nepal. Such issuers carry moderate credit risk.

NMB Capital has been appointed the issue manager for the proposed IPO issue. Note that the date of issue hasn't been declared yet.

Jyoti Life Insurance Company Limited (JLIC) is a life insurance company registered at the Office of Company Registrar under the Company Act 2006 on May 17, 2017, and has obtained a license from Insurance Board on September 4, 2017. JLIC has been offering an extensive range of products as Money Back, Endowment, Whole Life, Term Assurance products, etc. through its diversified sales network. Currently, all the shares of the company are held by promoter shareholders. Major shareholders of the company are Mr. Nitesh Agrawal (18.18%), Ms. Usha Agrawal (18.18%), and NIC Asia Bank Limited (9.74%).