General Insurance Company IPO Allotment Concludes (IPO Result)

October 6, 2020 | Investopaper

General Insurance Company IPO Allotment

NIBL Ace Capital Limited, the issue manager, has allotted the shares to the applicants of General Insurance Company IPO. After the allotment on Tuesday, 273,000 applicants have received 10 shares each. However, 5,23,734 applicants have been left empty handed.

A total of 7,96,734 applicants had applied for 27,30,000 shares in General Insurance’s IPO. Of these, 48,640 shares from 2,188 applicants have been rejected, according to NIBL Ace Capital.

Suggested Readings:

Check IPO Result (CDSC)

How To View IPO Result In Meroshare?

General Insurance Company IPO

General Insurance Company Nepal, a non-life insurance company of Nepal, floated the Initial Public Offering (IPO) worth Rs. 30 crores from Ashwin 11, 2077. Due to the over-subscription of shares, the IPO issue was closed on Ashwin 14, 2077.

Interested Investors applied for a minimum of 10 units and a maximum of 10,000 units. The face value of each share is Rs 100. Out of the total issue, 4 percent or 120,000 unit shares is reserved for the employees of the company. Likewise, the mutual funds will receive 5 percent or 150,000 shares. Hence, the general public could apply for the remaining 27,30,000 shares.

Suggested Readings:

List Of Upcoming IPO Of Insurance Company In Nepal

Upcoming Initial Public Offerings (IPO) In Nepal

Securities Board Of Nepal (SEBON) provided the approval for the IPO on Bhadra 24, 2077. The company had submitted the application to Sebon on Ashad 5, 2077 for the issuance of IPO.

At current, the paid-up capital of the insurance is Rs. 70 crores. After the IPO issue, the capital will rise to Rs. 100 crores. This is the minimum capital requirement for the non-life insurance, as per the directive of Beema Samiti.

NIBL Ace Capital is the issue manager for the IPO of General Insurance.

After the IPO issue, the general public will possess 30 percent of the company, while the promoters will hold 70 percent ownership.

You May Also Like:

How To Apply IPO/FPO/Right Share Through Mero Share?

About General Insurance Company

Currently, General Insurance is operating all over Nepal with its 38 branch offices. The head office is located at Hattisar, Kathmandu.

General Insurance has collected a total premium of Rs. 53.69 crores in the fiscal year 2076/77. Likewise, the company earned Rs. 5.06 crores in net profit.

Also Read: General Insurance Fourth Quarter Report, FY 2076/77

The insurance company provides various insurance products to its customers, which include:

Property Insurance

Motor Insurance

Marine

HouseHold

Travel Medical insurance

Personal Accident

Burglary

Money

Covid Insurance

Read Related Contents: