Kathmandu: Today is the last day to apply for the IPO of Union Life Insurance Company. The company has opened and issued 645,000 IPOs at a face value of Rs.100.
Out of the total IPO, 5 percent of the total capital, i.e. 322,500 shares has been allocated for employees and 5 percent for mutual investment funds, while the remaining 5.8 million shares has set aside for the public group.
According to sales manager, Prabhu Capital, applications for 294,63,490 shares has been received from 1,835,656 applicants till 5:20 pm on Sunday. This is 5.07 times more applications than demanded.
Investors will be able to apply for a minimum of 10 lots and a maximum of 32,250 in the IPO. The general investors will be able to apply for the IPO in the amount of 5.8 million. ICRA Nepal has given ICRA NP ISUR Triple B rating to the IPO issuance. This indicates an average risk in the company’s ability to bear financial obligations.
Investors can apply through all C-ASBA member banks and financial institutions and their designated branches approved by Nepal Securities and can also apply online from Myshare online application platform.