Rabindra Dhungel, 2 October 2020. The IPO of General Insurance Company Limited has received the highest number of applications so far. In terms of the number of applicants, most of the shares have been demanded.
CDS and Clearing Nepal has informed that an application has been received for the sale of 2.73 million shares by the insurance company demanding 2.25 million 91 thousand 940 shares.
According to CDS, 814,700 people have applied for the IPO of General Insurance, which has issued shares to the public since September 25. Earlier, more than 614,000 people had applied for shares of Reliance Life Insurance.
The number of applicants from the bank is not mentioned in the mentioned number of IPO applications of General. CDS has said that the number will increase when the details of applicants and canceled applications come through the bank.
In the company’s IPO, 633,085 people have applied from My Share’s website and 1,77,762 people have filled the form in the bank.
As the primary stock market has become fully online friendly, there is still a large number of investors filling up their shares in banks. According to CDS, the number of people applying for shares is significant as some of them have not renewed their share accounts and some of them are not technology friendly.
The company had issued 3 million ordinary shares at the face value of Rs 100 per share. Out of which, 120,000 shares have been allocated for employees and 150,000 shares for collective investment funds. The general public has applied for the remaining 2.73 million shares.
NIBL S Capital is the sales manager of the company for the issue of shares. The company has an authorized capital of Rs 2 billion and issued capital of Rs 1 billion. Out of this, the paid up capital has been maintained at Rs. After the sale of 30 percent ordinary shares, the company’s paid-up capital will reach one billion.