Sanima General Insurance: IPO Oversubscribed 5.94 times by 7,44,491 applicants

Sanima General Insurance Limited has issued 30,00,000 units worth Rs 30 crore as Initial Public Offering to the general public from Ashwin 21, 2077. Since the issue is already oversubscribed, it will close on Ashwin 25.

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

NIC Asia Capital Limited has been appointed as the issue manager for the IPO issuance. According to the issue manager, the IPO has received 7,44,491 applications for a total of 1,62,36,550 units till 5 pm on the third day today, i,e. Ashwin 23. Thus, the issue is oversubscribed by 5.94 times. It is now certain that only the lucky 2,73,000 applicants will get 10 units each by lottery.

After the issuance of 30,00,000 units worth Rs. 30 crore IPO shares, the paid-up capital of the company will be Rs. 1 Arba, and the promoter/public ratio will be 70:30.