Mero share allots 10 shares per applicant to Union Life Insurance, which received the most applications
Indreni Foodland, New Baneshwor, was the venue for Union Life Insurance Company Limited’s IPO allotment today at 5:00 PM.
The Union Life Insurance Company Limited made its initial public offering to the general public from (Ashad 24-28, 2078) by offering 64,50,000 units worth Rs 64.50 crore.
5% of the total number of shares offered to the public, i.e. 3,222,500 units, have been set aside for our employees and 5% of the total number of shares offered have been reserved for our mutual funds of 64,50,000 units. 58,05,000 units will be available to the general public.
The issue manager for the private placement is Prabhu Capital Limited.
Twenty-one thousand twelve hundred seventy-nine valid applications were received for a total of three million twenty-three hundred eighty units in the issue. 5.51 times more subscriptions were received than were available.
Five hundred and eighty-five thousand applicants have each been allocated 10 units each via lottery; the remaining fifteen hundred and thirty-two hundred applicants were returned empty-handed.
Three hundred twenty-five hundred units were allocated to employees of the company and three hundred twenty-five hundred units were allocated to mutual funds.
There were 4,801 applicants disqualified out of 164,750 applications.
The IPO result can be accessed by
As a result of the IPO, there will be 64,50,000 shares issued for Rs 64.50 crore, which will equal 30% of the total paid-up capital. Accordingly, the ratio between promoters and shareholders will be 70:30.
According to ICRA Nepal, Union Life Insurance Company Limited (ULICL) is rated [ICRANP-IR] BBB (pronounced ICRA NP Issuer Rating triple B). A rating of this type is considered to be moderately safe regarding timely payment of financial obligations.
A public limited life insurance company (LIC), Union Life Insurance Company Limited (ULICL) has been in operation since July 2017. New Baneswor, Kathmandu, is the organization’s headquarters. There are multiple business houses in Nepal in which the company holds equity interests, including Jagadamba Group, Golchha Organization, Gadiya Group, Neupane Group, Rajesh Hardware Group, and Tibrewala Group.