10.44 lakh Investors Entrust their Capital to Prabhu Life Insurance via Application for 2.77 crore units

The IPO issue of Prabhu Life Insurance Limited has successfully concluded today.

Prabhu Life Insurance Limited had issued 60,00,000 units worth Rs 60 crore as Initial Public Offering to the general public from Mangsir 29.

Out of the offered 60,00,000 units, 5% was set aside for the employees of the company and another 5% for mutual funds. The remaining 54,00,000 units were for the general public.

Siddhartha Capital Limited is the issue manager for the IPO issuance. According to the issue manager, the issue has received 10,44,500 applications for a total of 2.77 crore units. This data is of 4:30 PM on the last day. Thus, in terms of the number of units, the issue is oversubscribed by a little over 5.14 times. It is already confirmed that allotment will be done via a lottery for 10 units each to 5.4 lakh applicants.

Update: The data collected after the final conclusion of the issue at 5 pm is slightly higher. As of the issue-close, 10,82,000 applicants have applied for a total of 2,92,87,000 units.