KATHMANDU: Nepal Re-Insurance Company Limited is closing issuing 1,60,00,000 units worth Rs 1.6 arba as Initial Public Offering (IPO) for the general public from Friday.

The IPO issue was open since Tuesday.

Among the offered 1,60,00,000 units, the company said some 73,500 units have been set aside for the employees of the company. Likewise, 5 percent of the total offered share to the general public (80,000 units) have been set-aside for mutual funds, it said.

Likewise, the remaining 1,51,26,500 units are meant for the general public.

The company has appointed the RBB Merchant Banking Limited as the issue manager for the IPO issuance.

According to the bank, the issue has received a total of 2,93,260 applications applying for a total of 38,906,790 units of shares till Thursday evening.