Ajod insurance ipo oversubscribed by 1.83 times

AJOD Insurance Limited was set up under the Insurance Act of 1992 (2049 B.S.). Getting license and approval from Insurance Board of Nepal (Beema Samiti), it was formally established in 2008 (2064 B.S.) and officially started its operation from 21st Ashad 2075 (5th July, 2018).
Ajod insurance company ltd is issuing 30,00,000 units ordinary shares worth Rs 30 crore to the general public from today i.e. Ashad 25, 2077 to Ashad 29, 2077 and if the issue is not subscribed till Ashad 29 then this issue can be extended up to Shrawan 8. In this IPO, since the issue is oversubscribed on the first day itself, the last date will be Ashad 29, 2077.

Out of the offered 30,00,000 units; 4% of the total offered shares i.e. 1,20,000 units have been set aside for the employees of the company and 5% of the total offered shares to the general public i.e. 1,50,000 units have been set aside for the mutual funds. The remaining 27,30,000 units are for the general public.

As per the issue manager NIBL Ace Capital Limited, the issue has received approx 1,29,000 applications applying for a total of 50,00,000 units of shares till 5 PM today. The issue has been oversubscribed by almost 1.83 times on the first day of the IPO issue. 

Applications can be placed for a minimum of 10 units and a maximum of 10,000 units.
NIBL Ace Capital Limited has been appointed as the issue manager for the IPO issuance. Global IME Capital and Kumari Capital are the underwriters of the issue

The company has earned Rs 3.51 crore till the third quarter of the FY 2076/77 and its current paid-up capital stands at Rs 70 crore.
CRNL has assigned grading of ‘CARE-NP IPO Grade 4’ to the proposed Initial Public Offer (IPO) of AJOD Insurance Limited (AIL). ‘CARE-NP IPO Grade 4’ indicates it means the company fundamentals is below average.