Prabhu Life Insurance's IPO Oversubscribed 3.45 times; Lottery is confirmed for 10 units each to 5.4 lakh applicants

Prabhu Life Insurance Limited has issued 60,00,000 units worth Rs 60 crore as Initial Public Offering to the general public from Mangsir 29. 

Out of the offered 60,00,000 units, 5% is set aside for the employees of the company and another 5% for mutual funds. The remaining 54,00,000 units are for the general public. Applications can be placed for a minimum of 10 units and a maximum of 5,000 units.

Siddhartha Capital Limited is the issue manager for the IPO issuance. According to the issue manager, the issue has received 6,68,496 applications for a total of 1,86,77,910 units. This data is of 4:30 PM on the second day. Thus, in terms of the number of units, the issue is oversubscribed by a little over 3.45 times. On the second day itself, it is confirmed that allotment will be done via a lottery for 10 units each to 5.4 lakh applicants.

Since the issue is already fully subscribed, the IPO will close on Poush 02. 

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