Sanima General Insurance IPO closes with record-high applicants; Issue oversubscribed 6.95 times

Sanima General Insurance Limited has closed the issue of 30,00,000 units of Initial Public Offering to the general public from today, i.e. Ashwin 25, 2077. This IPO issue was open since Ashwin 21 and was open for four working days (five days including Saturday.)

Out of the offered 30,00,000 units; 4% of the total offered shares were set aside for the employees of the company and 5% for the mutual funds. The remaining 27,30,000 units were for the general public.

According to the issue manager NIC Asia Capital, the IPO has received 8,82,703 applications for a total of 1,89,75,060 units till 5 pm today. This concludes the IPO issue. The issue is oversubscribed by 6.95 times. Also, this is the highest number of applicants an IPO issue has ever witnessed.

Some of the invalid applications will now be disqualified and allotment will be done. Only the lucky 2.73 lakhs applicants will get 10 units each via the lottery.