IPO Issue of Ghorahi Cement Industry and IME Life Insurance Company Oversubscribed by 3.68 and 1.65 Times Till The Last Day

Tue, Jul 11, 2023 10:12 AM on Latest, IPO/FPO News,

CDS & Clearing Limited (CDSC) has reported the data of public IPO collection of the Ghorahi Cement Industry Limited and IME Life Insurance Company as of 10 am today i.e. Ashad 26.

Ghorahi Cement Industry Limited issued 69,11,670 unit IPO shares of Rs 435 per unit (including a premium of Rs. 335) from Ashad 22-25, 2080.

The issued capital of the cement manufacturing company is Rs. 3.97 Arba of which 20% i.e. 79,43,801 unit shares was for the public (including locals, Nepalese citizens working abroad, and the general public). As per the offer letter, 79,43,801 unit shares, or 20% of the issued capital, 77,290 units were allotted to the project-affected locals, 606,350 units were allotted to the Nepalese citizens working abroad, 328,961 were set aside for mutual funds and 19,530 units were set aside for the employees of the company. Including the remaining shares after all previous allotments and reservations, a total of 69,11,670 units were for the general public.

Himalayan Capital Limited as well as Nabil Investment Banking Limited was appointed as the issue manager for the IPO issuance.

According to CDSC, 674,058 applicants have applied for a total of 25,423,270 units worth Rs. 11.05 Arba till the closing day. Thus, the issue is already oversubscribed by 3.68 times so far.

Similarly, IME Life Insurance Company Limited issued 96,00,000 unit IPO shares to the general public from Ashad 21-25, 2080.

The issued capital of the life insurance company is Rs. 4 Arba of which 30% i.e. 1,20,00,000 unit shares was for the public (Nepalese citizens working abroad and the general public). Out of this total issue, 10% i.e. 12,00,000 unit shares were allocated for Nepalese citizens working abroad, whereas 5% i.e 600,000 units were set aside for the employees of the company and 5% of the total offered shares i.e. 600,000 units were set aside for the mutual funds. The remaining 96,00,000 units were for the general public.

The shares were issued for Rs. 236.91 per share (Rs 100 face value + Rs 136.91 premium price) to the general public and for the employees of the company at a par value of Rs. 100. Civil Capital Market was appointed as the issue manager.

According to CDSC, 12,94,770 applicants have applied for a total of 15,830,640 units worth Rs. 3.75 Arba till the last day. Thus, the issue is already oversubscribed by 1.65 times so far.