IPO Allotment of NLG Insurance Company Limited
Thu, May 9, 2013 12:00 AM on IPO/FPO Result News,
NLG Insurance Company Limited has successfully allotted its 6,75,000 kitta Ordinary Share today at the allotment function organized at the Hotel Shangrila, Lazimpat.
Out of the 6,75,000 kitta; 33,750 kitta are allotted for two mutual fund companies and 27,000 kitta were granted to the 123 staffs of the NLG company. Overall, 6,14,250 kitta are allotted to the general public investors.
Altogether, 20,856 applicants have applied for 15,638,990 kitta; out of which small investors (applicants applying less than or equal to 500 kitta) and the big investors (applicants applying more than 500 kitta) both the categories of investors got equal 3.93% of their overall investment.
An allotment of 50, 60, 70, 80, 90,100 and up to 240 kitta investment was conducted as per the lottery system. And each allotted applicant under the lottery system were provided minimum10 kitta of their investment. Overall, 2,065 valid applicants were left out and missed to get minimum 10 kitta also from the lottery system which were conducted between the range of 50 to 240 units.
As per the SEBON IPO allotment directives, small investors should allot 40% of the overall issue amount whereas big investors get 60% of the total issue amount. However, if the ratio of the small investors amount outweighs the big investors amount than the ratio of the small investors only would be applicable to the overall allotment process of the company. Like how it has happened for NLG Insurance Company Limited.
There were 1,318 such applicants whose 12,96,997 kitta got invalid due to various reasons like not meeting up the proper compliance while applying for the shares, etc.
Earlier, the company has closed its IPO issue on 20th Chaitra 2069 with an overwhelming response from the general public with an issue oversubscribed by more than 25.46 times. NLG Insurance Company Limited has appointed Civil Capital Market Limited as its issue manger to manage the IPO.
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