Kathmandu. Crest Micro Life Insurance Limited is going to issue primary shares (IPO) from today, Falgun 22. After allocating the IPO issued by the company to Nepalis employed abroad, it is now going to issue an IPO for general investors.
The company had received permission to issue 2.25 million shares worth Rs 225 million, which is 30 percent of its issued capital of Rs 750 million. Out of this, 225,000 shares worth 10 percent of the total amount of Rs 22.5 million have been issued and distributed to Nepalese working abroad after obtaining the labor approval of the relevant body of the Government of Nepal.
In addition, 67,500 shares have been distributed to the company’s employees and 112,500 shares to collective investment funds. The company is now going to issue 1845,000 shares worth Rs 1845,000 to general investors in the second phase.
In the company’s IPO, applications will have to be made for a minimum of 10 shares, while applications can be made for a maximum of 10,000 shares. Investors can apply for the company’s IPO until Falgun 26. If the complete application is not received within that period, the issuance period will be extended till Chaitra 7.
The company’s share issuance and sale manager is NIMB S Capital Limited. In the rating conducted for the IPO issuance, ICRA Nepal has assigned the company an ICRANP Issuer Rating of Double B. This indicates that the company has a medium risk in its ability to bear its obligations.
Investors can apply through the C-ASBA system using the software ‘Mero Share’ online, developed by all ASBA member banks and financial institutions approved by the Nepal Securities Board and their designated branch offices and CDS and Clearing Limited.
