General Insurance Company (GIC) has opened IPO issuance and sale to the public from September 27.
The company has opened 3 million IPOs worth Rs 300 million at a face value of Rs 100. Out of the total shares issued by the company, 120,000 shares have been allotted to the employees of the organization and 150,000 shares to the mutual funds. The general public will be able to apply for the remaining 2.7 million shares.
Applications for the company’s IPO can be submitted till September 30. Investors will be able to apply for a minimum of 10 lots and a maximum of 10,000 lots.
NIBL Ace Capital Limited is the manager of the share issue and sale of the company. Interested investors can apply through ASBA service banks and financial institutions as well as through my shares.
Currently, the company’s paid-up capital is Rs 700 million. The company’s paid-up capital will reach Rs 1 billion after the IPO.
The insurance company had earned a net profit of Rs 56 million by the end of last fiscal year by earning a net premium of Rs 209.6 million. The company, which had a paid-up capital of Rs 700 million during the period, has an annual earnings per share of Rs 7.23. The company has accumulated Rs 46.6 million in the reserve fund.