Citizen Life Insurance Company Limited (CLICL) has received 1.86 times more applications for its initial public offering (IPO) than the shares available for subscription. The company has received applications exceeding 1,510,693 for its IPO, which has been open for subscription since Sunday, September 15. This overwhelming demand has resulted in more than 1.5 million applicants competing for shares.
CLICL had issued 9 million shares to the general public, and as of Tuesday, at 5:07 PM, the Central Depository System (CDS) reported that there were 10,693,180 applications for those shares. With 1,510,693 applicants for the company’s primary shares, a collection of NPR 4,968,920,920 has been generated.The insurance company had set a premium of NPR 144 per share on top of the face value of NPR 100, making the total cost per share NPR 244 for the general public.
The insurance company had received approval to issue 12,500,000 shares, equivalent to NPR 1,125,000,000 at a 30% premium over the face value of NPR 100 per share. Out of these, 500,000 shares were allocated for issuance at NPR 100 per share to insurance employees, representing 5% of the total shares.Additionally, 11,250,000 shares, equivalent to NPR 1,012,500,000, were allocated for issuance to Nepali citizens working abroad and holding foreign employment permits. These shares were issued at a 10% premium, resulting in 11,250,000 shares being distributed among Nepali citizens working abroad at NPR 110 per share. Furthermore, the remaining 9,000,000 shares, valued at NPR 900,000,000, were issued for the general public investors.
Please note that these details pertain to the specific allocation and pricing of shares for Citizen Life Insurance Company Limited’s IPO. The company’s decision to allocate shares to different categories of investors and the premium set may vary for each IPO and can change over time.