Kathmandu. Crest Micro Life Insurance’s IPO has been oversubscribed by 10 times so far. According to the CDSC, 1.59 million 594 applicants have applied for 10 million 92 million 57 thousand 110 units in this IPO till 5 pm today. Which is 10.43 times more than the demand.
The company has been conducting the IPO since Falgun 22. The company has issued the IPO for general investors in the second phase after allocating the IPO issued by Nepalis employed abroad.
The company had received permission to issue 2.25 million units of shares worth Rs 225 million, which is 30 percent of its issued capital of Rs 750 million. Out of this, 10 percent has already been allocated 225,000 units worth Rs 22.5 million for Nepalese working abroad.
Similarly, 67,500 units have been allocated to the company’s employees and 112,500 units of ordinary shares have been allocated to collective investment funds. Now, in the second phase, the company has issued 1845,000 units of ordinary shares worth Rs 1845 million to the general public.
Due to the oversubscription, this IPO will also be allocated through a lottery. In which 184,500 lucky people will get shares at the rate of 10 units.
The company’s IPO requires a minimum of 10 units of shares to be applied for, while a maximum of 10,000 units can be applied for. Investors can apply for the company’s IPO until Falgun 26.
Investors can apply through the C-ASBA system using the ‘Mero Share’ online portal of all ASBA member banks and financial institutions approved by the Nepal Securities Board and their designated branch offices and CDSC. The company’s share issuance and sale manager is NIMB S Capital.
