Kathmandu: The IPO issued by Sanima Life Insurance Company has been oversubscribed within an hour of issue. The company has issued 6 million IPOs to the public from today. Securities Issuance and Sales Manager Prabhu Capital has stated that excess applications has been received by 11:00am while the IPO application was open from 10:00 am today. As per the data till 2:33 pm, Application for 91,86,380 units of shares have been received from 554,587 applicants.
The company has reserved 300,000 units each for employees and mutual investment fund and the remaining 5.4 million units have been released to for public. The general public will be able to apply for a minimum of 10units and a maximum of 30,000units. It is wise to apply only for 10 units of shares as it has already been over subscribed. The issue will be open till 8 July 2021.
According to the rating given by Care Rating Nepal, it has received ‘CareNP IR Triple B Minus’ indicating moderate type of security.
IPO application can be submitted Banks and financial institutions with all ASBA members approved by the Securities Board of Nepal(SEBON) and from the branch offices of those BFIs. Also, there is an arrangement to apply for IPO from meroshare.com website or its apps.
Currently, the company has paid-up capital of Rs 1.40 billion which will reach Rs. 2 billion after IPO.