Citizen Life’s IPO allocation date set, how many will get shares?

Kathmandu, sept 12: The date of IPO allocation of Citizen Life Insurance has been fixed. According to sales manager NIMB S Capital, the company’s IPO is ready to be distributed on Thursday, August 28. The pre-allotment of the company has been completed on 25th of August. In the company’s IPO, 15 lakh 10 thousand 693 applicants have applied for 1 crore 67 lakh 90 thousand 180 shares.

This is 1.86 times more applications than demand. Due to more applications than the demand, the company’s IPO will also be distributed by round robin. In the round robin system, 9 lakh lucky applicants will get their hands at the rate of 10/10 shares, while 6 lakh 14 thousand 282 people will be left empty-handed. Insurance had issued shares to the general public at a face value of Rs 100 per share plus a premium of Rs 144 for a total of Rs 244 per share.

Insurance got permission to issue 1250,000 shares worth 1.125 million rupees at the rate of 30% of its issued capital of 3.75 billion rupees. 5 percent of them have already issued 562 thousand 500 shares worth 5 crore 62 lakh 50 thousand rupees at 100 rupees per share for insurance employees.

Likewise, 10 percent of the remaining 1 billion 687 lakh 50 thousand rupees equal to 16 lakh 87 thousand 500 shares i.e. 11 lakh 25 thousand shares for Nepali citizens who are employed abroad after obtaining labor approval from the relevant body of the Government of Nepal and 5 lakh 62 thousand 500 shares have been issued and distributed for collective investment funds. The remaining 90 million shares were issued to general investors.