4 times more demand in Jyoti Life’s IPO, around 1.2 million applications

Jyoti Life Insurance’s has received four times more applications. According to NMB , the ’s IPO issuance and sales manager, there was a demand for equivalent shares in the company’s IPO by Sunday evening. 

Of the 1,181,931 applications in the company’s IPO, 285,43,400 shares have been applied for. This is 4.35 times more than the 5.94 million lots brought to the public.

The company has issued 6.6 million shares equal to 30 percent of the total issued capital or Rs 660 million since March 6. Out of that, 5 percent or 330,000 shares have been secured for employees and another 5 percent or 330,000 shares have been secured for collective investment funds and the remaining 59.40 million shares have been issued to the public.

Applications for the company’s IPO be submitted as soon as possible on March 10.

Applications can be submitted for a minimum of 10 lots to 66,000 lots at the rate of Rs 100 per in the company’s IPO. Ashwa member banks and financial institutions licensed by the Nepal Securities Board and My Share can also through and app.

Credit Rating Nepal has given the company a ‘KERNP-IR BB Plus’ rating. This means that the company is able to fulfill its obligations on time and is safe in the middle level.

The company currently has an authorized capital of Rs 3 billion, issued capital of Rs 2.20 billion and paid-up capital of Rs 1.54 billion. The company’s paid-up capital will reach Rs 2.20 billion after the IPO.

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