IPO Shares of Jyoti Life Insurance Open at Upper Limit; Buy Orders Piling on TMS

The IPO shares of Jyoti Life Insurance Company Limited have made their debut in NEPSE's secondary market. The shares are traded under the ticker symbol JLI.

The company closed its IPO issue to the general public on 26th Falgun, 2077. This IPO issue was opened from 21st Falgun. The company has a total of 2.2 crores registered shares of which 66 lakh shares were issued in this IPO. Thus, the IPO raised a total of Rs. 66 crores in paid-up capital. NMB Capital was the issue manager for the proposed IPO issue. According to CDSC, 18,04,648 applicants have applied for a total of 3,80,57,710 units. Thus, the issue was oversubscribed by over 6.4 times. This IPO broke all previous records to be the one with the most applications received.

The opening range for the first transaction was set from Rs. 120.29 to Rs. 360.87. The first transaction was made at the upper limit of Rs. 360. NEPSEs' online trading platform shows a huge volume of piling buy orders and no sell orders. Since IPOs are considered to be almost always profitable, allottees refrain from selling them too early. Thus, the trading of newly listed IPO shares is difficult.