IPO Allotment of ILFCOM 'within 10 days'; offer was oversubscribed more than 57 times 

ShareSansar May 17:

The allotment of shares in the Initial Public Offering of ILFCOM is likely to take place at the end of next week.

Kamal Khatri, assistant manager of Civil Capital Market Ltd, the issue manager for the IPO, said they would try to conduct the allotment as soon as possible but that it might take at least a week or 10 days.

“Because of the earthquake the employees have not been able to work properly. They have started to work from a different place from today,” said Khatri.

SEBON rules require the allotments to take place within 40 days after the IPOs close. Although ILFCO’s IPO ended on Chaitra 20 and the IPO is already past its allotment deadline, the authorities allowed some more time to the company in view of the massive earthquake that struck the country on April 25 and a massive aftershock that happened on may 12.

ILFCOM opened its Initial Public Offering of 400,000 unit shares from Chait 17. The offer closed on Chait 20. ILFCO Microfinance IPO was oversubscribed above 57 times.

After the IPO, the paid up capital of the company will reach Rs 10 crore from the current Rs 6 crore. Likewise, following the IPO, the promoter-public ratio in the company will be 60% to 40%.