Jyoti Life Insurance closing IPO issue from today; IPO already applied by Record Breaking 16,98,251 Investors
Wed, Mar 10, 2021 7:43 AM on IPO/FPO News, Stock Market, Latest,
Jyoti Life Insurance Company Limited is closing the IPO issue to the general public from today i.e. 26th Falgun, 2077. This IPO issue was opened from 21st Falgun and interested investors can apply till the end of banking hours today.
Jyoti Life Insurance's IPO Breaks All-Time Record for Number of Applicants
NMB Capital has been appointed the issue manager for the proposed IPO issue.
The company has a total of 2.2 crore registered shares of which 66 lakh shares have been issued in this IPO. Thus, the IPO will raise a total of Rs. 66 crores in paid-up capital.
5% of the issue, i.e. 3,30,000 units have been set aside for the employees of the company and another 5% to mutual funds. The remaining 59,40,000 units are purely for individual investors. Investors can apply for a minimum of 10 units and a maximum of 66,000 units.
According to the issue manager, 16,98,251 applicants have applied for a total of 3,57,63,520 units. This is the data as of 10:15 am this morning. Thus, the issue is already oversubscribed over 6.02 times.
CARE Ratings Nepal Limited (CRNL) has assigned the ‘CARE-NP BBB (Is)’ rating to Jyoti Life Insurance Company Limited (JLIC). Issuers with this rating are considered to offer a moderate degree of safety regarding timely servicing of financial obligations, in Nepal. Such issuers carry moderate credit risk.
Jyoti Life Insurance Company Limited (JLIC) is a life insurance company registered at the Office of Company Registrar under the Company Act 2006 on May 17, 2017, and has obtained a license from Insurance Board on September 4, 2017. JLIC has been offering an extensive range of products as Money Back, Endowment, Whole Life, Term Assurance products, etc. through its diversified sales network. Currently, all the shares of the company are held by promoter shareholders. Major shareholders of the company are Mr. Nitesh Agrawal (18.18%), Ms. Usha Agrawal (18.18%), and NIC Asia Bank Limited (9.74%).
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