Jyoti Life Insurance's IPO Breaks All-Time Record for Number of Applicants; Still One Day to Go

Tue, Mar 9, 2021 3:56 PM on IPO/FPO News, Latest,

Jyoti Life Insurance Company Limited has opened its IPO from 21st Falgun.

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.

NMB Capital has been appointed the issue manager for the proposed IPO issue. According to the issue manager, the IPO has received 15,70,414 applications for a total of 3,34,67,570 units. This is the data as of 5 pm today. This is the highest number of applicants ever recorded for a single IPO issue. Thus, the issue is already oversubscribed both in terms of the number of applications and units. This means that the lottery is confirmed for 10 units each to 5,95,000 applicants and those who have not applied till now may apply only for 10 units.

This IPO issue will close tomorrow, i.e. on 26th Falgun, 2077.

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%).