Prabhu Life Insurance’s (PLIL) IPO is going to be distributed today, Friday. The IPO allotment will be held on Friday at 11 a.m. at the office of Siddhartha Capital, the company’s share issue and sale manager.
Out of 1,082,000 applications for the company’s IPO, 29.3 million shares worth Rs 2.93 billion have been applied for. This is 5.42 times more than the 5.4 million shares issued by the company to the public. The company had issued 6 million IPOs worth Rs 600 million from December 13 to December 15. Of that, 5 percent or 300,000 shares were secured for employees and another 5 percent for collective investment funds, and the remaining 5.4 million shares were issued by the public. As there are more applications than demand, the shares will be distributed at the rate of minimum 10 lots as per the Securities Issuance and Distribution Directive. Accordingly, only 540,000 applicants will get a minimum of 10 lots, while the remaining 50.10 percent will be empty-handed. At present, the company’s paid-up capital is Rs 1.40 billion. The company’s paid-up capital will reach Rs 2 billion after the IPO.