Union Life Insurance IPO Result published at 5:00 PM at Indreni Foodland, New Baneshwor today. Union Life Insurance Company Limited had issued 64,50,000 units worth Rs 64.50 crore as Initial Public Offering (IPO) to the general public from Ashad 24 to 28, 2078.
A total of the offered 64,50,000 units; 5% of the total offered shares to set aside for the employees of the company and 5% of the total offered shares to the general public i.e. 3,22,500 units have been set aside for the mutual funds. The remaining 58,05,000 units are for the general public as per the issue manager. Prabhu Capital Limited is the issue manager for the IPO issuance.
The IPO issue had received applications from 21,12,799 valid applicants who had applied for a total of 3,20,23,180 units. The IPO was oversubscribed more than 5.51 times. This is the highest applicants till now IPO issues. The IPO applying trends increasing issue by issue in Nepal.
Union Life Insurance IPO Result
According to the allotment module, a total of 5,80,500 applicants were allotted 10 units each via lottery; and the remaining 15,32,299 applicants were returned empty hands again. But it gives more than recently two IPO. As per IPO allotment rules, a total of 3,22,500 units were allotted to the staff of the company and 3,22,500 units were allotted to mutual funds. The total 4,801 applicants who applied for 64,750 units were disqualified in this IPO.
After the issuance of 64,50,000 units worth Rs 64.50 crore IPO shares the general public i.e 30% of total capital which will together raise its paid-up capital to Rs 2.15 Arba and the promoter/public ratio will be 70:30 now.
Union Life Insurance IPO is issued to the public on Thursday, July 8, 2021. The company is about to issue 6.5 million IPOs worth Rs 645 million.
The IPO issuance and sales manager is Prabhu Capital Limited. Interested applicants can apply through C-ASWA member banks and financial institutions and Meroshare. ICRA Nepal has given ICRA NP Issuer Triple B rating to the insurance company. This indicates an average risk in the company’s ability to bear financial obligations.
At present, the company’s paid-up capital is Rs 1.5 billion. After the IPO issuance and distribution, the company’s paid-up capital will reach Rs 2.15 billion.
Union life insurance ipo result mero share
Another method to check the Union life insurance ipo result mero share is as follows;
Step 1: Open the https://meroshare.cdsc.com.np/#/login
Step 2: Go to the My Asba from Menu
Step 3. Click on Application Report
Step 4. Click on report for IPO Applied
Step 5. Status and Allotted Quantity
Note: It takes two- or three-days’ time to update the result from MERO SHARE.
About Union Life Insurance Company Ltd.
Union Life Insurance Company Ltd. has been established and registered under Company Act 2063 and Insurance Act 2049 in the year 2074 B.S (Regd. No. 168131/73/074) as a Public Limited Company and got a license to operate Life Insurance Business on 2074/03/20(04/07/2017). Union Life Insurance Company has been established with sole Nepalese Capital. The Company comprises of renowned & big promoters; Jagadamba Group, Golchha Group, Gadiya Group, Naupane Group, Rajesh hardware & Tibrewala Group.
AUTHORIZED AND PAID UP CAPITAL
The authorized capital of the Company is NRs. 215 crore. The promoters have contributed 70% of this, amounting to NRs. 150.50 Crore whereas the other Nepalese Citizens are to contribute remaining 30% of this capital amounting to NRs. 64.50 Crore.
As the country turned into the globalization and diversification in the insurance sector, the Union life insurance company will supply all kinds of life insurance policy service as per the international standards level. It will develop and contribute to social as well as financial sectors towards making development of the nation .It will expand its networking in international market for providing maximum benefit to policyholders & stake holders.
The mission of the company is to provide its customers with the range of different life insurance services that best meets their needs with total security, competitive rate of premiums, compensation and one-to-one service that treats the customer as an individual, not a number. Create resources and generate employment opportunities and developed saving habits of individuals for their financial stability and improvement of their living standard. Life insurance is not just a business, it is a social service as well.
OBJECTIVES OF THE COMPANY
The primary objective of the company is to carry on all life insurance business including the health insurance. The company is to provide qualitative life assurance services to its valued customer/policyholders by introduction of latest technology and new product. The Company would actively involve itself in mobilization of domestic savings. Meanwhile the long-term target of the life insurance company would be as given below.
i) To become one of the famous & giant life insurance company in Nepal in terms of premium income, no. of policy, bonus, profit & high rate of return to its stakeholders.
ii) To become highly professional insurance company by implementing the good corporate governance.