Reliance Life Insurance's IPO closes with 6,06,331 applications; Issue Oversubscribed by 4.25 times; 10 units each will be alloted by lottery

Mon, Aug 24, 2020 4:32 PM on IPO/FPO News, Latest,

Reliance Life Insurance Limited has closed the IPO issue of 63,00,000 units worth Rs 63 crores.

Out of the offered 63,00,000 units; 5% of the total offered shares to the general public i.e. 3,15,000 units were set aside for the employees of the company and 5% of the total offered shares to the general public i.e. 3,15,000 units were set aside for the mutual funds. The remaining 56,70,000 units were open for the general public.

As per the issue manager Sanima Capital Limited, the issue has received approx 6,06,331 applications applying for a total of 2,41,31,870 units of shares worth Rs 2.41 Arba till 5.0 PM today (Bhadra 8). This issue is already oversubscribed by 4.25 times. Now its confirm that allotment will be done through lottery for 10 units.

This was the biggest IPO issue in the history of NEPSE in terms of the volume of applications received.