IPO allotment of Ajod Insurance concludes; lucky 2,73,000 investors get 10 units each and remaining 2,11,498 applicants return empty hand

Fri, Jul 17, 2020 2:45 PM on IPO/FPO News, Stock Market, Latest,

The IPO allotment of Ajod Insurance Limited is allotted today (Shrawan 2) at the premises of NIBL Ace Capital Limited.

Ajod Insurance Limited has issued of 30,00,000 units ordinary shares worth Rs 30 crore to the general public from Ashad 25- 29, 2077. Out of the offered 30,00,000 units; 4% of the total offered shares i.e. 1,20,000 units have been set aside for the employees of the company and 5% of the total offered shares to the general public i.e. 1,50,000 units have been set aside for the mutual funds. The remaining 27,30,000 units are for the general public.

The issue had received applications from 4,84,498 valid applicants who had applied for a total of 17,215,490 units. The issue was oversubscribed by more than 6.31 times. In total 873 invalid applicants applied for 23,670 units. 

As per the allotment module, a total of 2,73,000 applicants were allotted 10 units each via lottery, and the remaining 2,11,498 applicants were returned empty hands. 

A total of 1,20,000 units were allotted to the staff of the company and 1,50,000 units allotted to mutual funds.

Allotment Module:

The IPO result can be accessed by sharesansar.com- IPO result page soon.

CRNL has assigned grading of ‘CARE-NP IPO Grade 4’ to the proposed Initial Public Offer (IPO) of AJOD Insurance Limited (AIL). ‘CARE-NP IPO Grade 4’ indicates Below Average Fundamentals.

As per the company official, due to the implementation of NFRS based accounting system, the company shall face loss in FY 76/77 but from running year i.e. FY 77/78 it shall give consistently 8-10% dividend to its shareholders. Also, the company will be launching new product from late Shrawan like Ajod Swasthya Pariwarik Beema, Accidental , Health and Critical illness for its customers. 

The company has earned Rs 3.51 crore till the third quarter of the FY 2076/77 and its current paid-up capital stands at Rs 70 crore.