IPO of Union Life Insurance Oversubscribed on First Day Itself; 4,50,214 Applicants Submit Applications

Union Life Insurance Company Limited has issued 64,50,000 units of ordinary shares as IPO worth Rs. 64.5 crores to the general public from today, i.e. Ashad 24, 2078. This issue will close on Ashad-28, 2077 since it is already oversubscribed on the first day itself.

Out of offered 6,450,000 units; 5% of the issued capital i.e., 322,500 units have been allotted for the employees of the company and another 5% for the mutual funds. The remaining 5,805,000 units are for the general public.

Applications can be placed for a minimum of 10 units and a maximum of 32,250 units. Prabhu Capital Limited has been appointed as the issue manager for the IPO issuance. According to the issue manager, 4,50,214 applicants have applied for a total of 80,43,100 units. This is the data as of 4 pm today. Thus, the issue is already oversubscribed in terms of the number of units.

The paid-up capital will reach Rs. 2.15 Arba after the issuance of the public shares. After the IPO issue; public holding will be 30% and promoters holding will be 70%.

Also Read: IPO of Union Life Insurance Opening Today; Everything You Need To Know About the Company