IPO of Ajod Insurance attracted record breaking almost 5 lakh applicants; oversubscribed by 6.61 times

Ajod Insurance Limited has closed its IPO issue of 30,00,000 units ordinary shares worth Rs 30 crore to the general public from 5 PM onwards today i.e. Ashad 29, 2077. This issue was opened since Ashad 25. 

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.

Applications could be placed for a minimum of 10 units and a maximum of 10,000 units.

NIBL Ace Capital Limited has been appointed as the issue manager for the IPO issuance. Global IME Capital and Kumari Capital are the underwriters of the issue.

As per the issue manager NIBL Ace Capital Limited, the issue has received approx 4,98,649 applications applying for a total of 1,80,58,930 units of shares till 5 PM today (Ashad 29). The issue has been oversubscribed by almost 6.61 times. This is the first time any IPO has attracted so many applicants in Nepal. 

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.