Prabhu Life Insurance concludes IPO allotment, half a million investors get 10 unit shares each

KATHMANDU: Prabhu Life Insurance Limited has issued six million units, equivalent to RS 600 million, IPO to the public.

Of the total six million offered units, 5 percent of the total offered shares or 300,000 units have been allotted to the public while 300,000 units have been set aside for mutual funds.

The remaining 54,00,000 units are for the general public.

Prabhu Life Insurance had received applications from 10,49,047 applicants for a total of 2,78,21,160 units of share. The issue was oversubscribed by more than 5.15 times.

As per the allotment module, a total of 5,40,000 applicants were allotted 10 units each via lottery, and the remaining 5,09,047 applicants were returned empty hands.

A total of 3,00,000 units were allotted to the staff of the company and 3,00,00 units allotted to mutual funds.