IPO Allotment of Jyoti Life Insurance Next Friday: Why Is It Taking So Long?

The IPO allotment of Jyoti Life Insurance Company Limited will be concluded next Friday, i.e. 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 broker all previous records to be the one with the most applications received.

The issue manager is preparing to conclude the allotment on the pre specified date. 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. Furthermore, the issue manager is cooperating with CDSC to get the suspended list of applicants. When Sharesansar called the issue manager, they stated that the exact time of allotment on that day hasn't been fixed yet. The issue manager has yet to decide whether the allotment will be streamed live via its Facebook page.