The issue manager Prabhu Capital is on the final stage to announce the IPO allotment of Union Life Insurance Company Limited. The IPO issue of 64,50,000 units of ordinary shares worth Rs. 64.5 crores opened on Ashad 24, 2078, and closed on Ashad 28, 2077.
Out of offered 64,50,000 units; 5% of the issued capital i.e., 3,22,500 units have been allotted for the employees of the company and another 5% for the mutual funds. The remaining 58,05,000 units are for the general public.
According to CDSC, 21,50,478 applicants have applied for a total of 3,40,10,890 units. This is the data as of 5: 08 pm after the issue closed on the last day. Thus, the issue is oversubscribed 5.85 times in terms of the number of units. Furthermore, the issue has received the highest number of applicants for a single IPO issue in Nepal's capital market history.
The issue manager has submitted an application to the regulatory board seeking the final nod to commence allotment. The issue manager is confident the allotment will conclude today or tomorrow itself, given that it expects to receive the regulator's nod of approval sometime soon.
The paid-up capital will reach Rs. 2.15 Arba after the issuance of the public shares. After the IPO issue; public holding will be 30% and promoters holding will be 70%.
Update: The allotment program will commence today at 5 pm.