Shikhar Insurance FPO update: Oversubscribed by 13.5 times, Rs 4.50 arba collected from 16,000 applicants

Shikhar Insurance Company Limited (SICL) had floated its Further Public Offering (FPO) of 5, 10,988 kittas shares at Rs 650 per unit from Mangsir17 to Mangsir 21, 2072. Badri Pyakhurel, Merchant Banking Head of NIBL Capital Market Limited said, “The total collection of the FPO is Rs. 4 arba 50 crore(Oversubscribed by 13.5 times) till the last day (yesterday). More than 16,000 application forms were received. It is only tentative data as final data is yet to be compiled from all collection center." The total collection of the IPO was approximately Rs 5 crore till the first day, Rs. 13 crore till the second day and Rs. 70 crore 64 lakh till third day. NIBL Capital Markets Limited is the issue manager for the FPO. At present Promoter and ordinary shareholders share structure in the insurance company stands at 80:20 ratios. After the FPO promoter and ordinary shareholders share structure will be at 70:30 ratio. After issuing 20% bonus share from the net profit earned in the fiscal year 2069/70, the company’s paid up capital has reached to Rs 35.76 crore. The company is yet to announce its dividend from the net profit of fiscal year 2071/72.