Kathmandu. The date of Nepal Micro Insurance’s IPO allotment has been fixed. The company’s IPO will be alloted on Friday, Falgun 23. The allotment of the IPO will be done at the office of NIMB S Capital, the IPO sales manager of the company, at 8:30 am.
According to the latest statistics of the CDSC, 19 lakh 977 people have applied for the purchase of 2 crore 44 lakh 83 thousand 220 units in the IPO. This means that there has been 13.27 times more than the demand.
Due to the higher number of applications than the demand, this IPO will also be allotted through the lottery. In which 184,500 lucky applicants will get shares at the rate of 10 units.
The company had issued an IPO for general investors on February 11. The company had received permission to issue 2.25 million shares worth 225 million rupees, equivalent to 30 percent of its issued capital of Rs 750 million.
Out of which, 225,000 shares worth 225 million rupees, equivalent to 10 percent, were issued to Nepalis employed abroad. The company has issued and distributed 67,500 units to its employees and 112,500 units to the collective investment fund.
The company had issued 1845,000 units of shares worth Rs. 1845 million to the general public in the second phase. In the rating conducted for the IPO issuance, Care Rating Nepal has assigned Care NP Double B Minus Issuer Rating to the company. This indicates that there is a medium risk in the company’s ability to meet its obligations.
