General Insurance allots primary shares

 General Insurance Company Ltd allotted its Initial Public Offering (IPO) and some 273,000 applicants got 10 units each.

The remaining 521,546 investors, who subscribed to the offering did not get any shares, according to the non-life insurance company.

The issue manager of the General Insurance Company Ltd allotted the primary shares through a lottery today after the public offering was oversubscribed by over seven times, the company informed, adding that out of three million ordinary shares allocated for the public to collect Rs 300 million, some 2.73 million units were allotted for the public while the remaining have been provisioned for staff and mutual funds. “Out of the 2.73 million units of shares for the public, the IPO drew some 794,546 valid applicants applying 21.41 million units of shares.”