Sanima General Insurance's IPO oversubscribed on the first day by 2,65,916 applicants

Sanima General Insurance Limited has issued 30,00,000 units worth Rs 30 crore as Initial Public Offering to the general public from today, i.e. Ashwin 21, 2077. The early closing date of this issue is on Ashwin 25 and if the issue is not fully subscribed till Ashwin 25, then it can be extended up to Kartik 6, 2077.

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 2,65,916 applications for a total of 61,47,600 units till 5 pm on the first day itself. Thus, the issue is oversubscribed by 2.25 times in terms of the number of total issue units. However, the issue isn't yet oversubscribed in terms of the number of applicants (if everyone were to get 10 units each.)

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.