IPO Update: Prabhu Life Insurance's Preallotment Today; When to Expect Final Allotment?

The pre-allotment of Prabhu Life Insurance's IPO will be completed today.

Prabhu Life Insurance Limited had issued 60,00,000 units worth Rs 60 crore as Initial Public Offering to the general public from Mangsir 29. Out of the offered 60,00,000 units, 5% was set aside for the employees of the company and another 5% for mutual funds. The remaining 54,00,000 units were for the general public.

Siddhartha Capital Limited is the issue manager for the IPO issuance. According to the issue manager, 10,82,000 applicants applied for a total of 2,92,87,000 units.

After today's pre allotment is over, investors can expect to have the final allotment by Friday of this week (most probably), according to the issue manager. Lucky 5.4 lakh applicants will be allotted 10 units each via an unbiased lottery.