Prabhu Life Insurance to allot IPO on Friday

Dec 22, 2020 05:17 PM Merolagani

Prabhu Life Insurance (PLIL) is set to allot recently issued IPO on Friday, as per Siddhartha Capital, Issue Manager of the company.

A total of 1,082,000 applicants applied for 29.3 million units of shares worth Rs 2.93 billion. The issue was oversubscribed by 5.42 times.

 The company issued 6 million units of shares worth Rs 600 million from December 14-17. Out of the total offered shares, the company has allocated 5 percent i.e. 300,000 units to employees and another 5 percent to mutual funds. The general public could apply for the remaining 5.4 million units of shares.

As the issue was oversubscribed by a huge margin, while allotting as per Securities Issuance And Allotment Guidelines, applicants should be allotted at least 10 units of shares through lottery.

Based on this, only 540,000 units will be provided 10 units of shares while the remaining 50.10 percent of applicants will be left empty-handed.

The issue manager informed that the number of applicants may vary as the applications are being verified.

Currently, the company has a paid-up capital of Rs 1.40 billion that will reach Rs 2 billion after the capitalization of the IPO.

 

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