KATHMANDU: Crest Micro Life Insurance Limited has opened its Initial Public Offering (IPO) to the general public, issuing 1.845 million shares at a face value of Rs 100 per share.
The total value of the IPO amounts to Rs 184.5 million.
The company had previously received approval from the Nepal Securities Board to issue 2.25 million shares in its IPO. Of this, 225,000 shares have already been allocated to Nepalis working abroad at a rate of Rs 100 per share.
Additionally, 67,500 shares have been reserved for company employees, while 112,500 shares have been set aside for collective investment funds.
With these allocations, the remaining 1.845 million shares are now open for the general public. Investors can apply for the IPO from now until March 10. If the shares remain unsold during this period, the deadline for applications will be extended until March 20.
Interested applicants can apply for a minimum of 10 shares and a maximum of 10,000 shares. The IPO applications can be submitted through C-ASBA-accredited banks and financial institutions as well as via the online platform Mero Share. NIMB Ace Capital is managing the sales of the IPO.
The rating agency ICRA Nepal has assigned Crest Micro Life Insurance an ‘ICRANP ESUR Double B’ rating, indicating a medium level of risk in the company’s ability to meet its financial obligations.
ICRA Nepal issued this rating on August 23, 2024, and it will remain valid until August 21, 2025.
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