Kathmandu. Crest Micro Life Insurance Limited’s IPO, which went on sale today, has been oversubscribed by 3.17 times on the first day. According to CDAC, 465,488 applicants have applied for 58,58,610 units in this IPO by 5 pm today.
The company has issued primary shares (IPO) since Falgun 22 today. After allocating the IPO issued by Nepalis employed abroad, the company is now going to issue an IPO for general investors.
The company had received permission to issue 225 million shares worth 225 million rupees, 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 a complete application is not received within that period, the issuance period will be extended until Chaitra 7th.
The company’s share issuance and sale manager is NIMB S Capital Limited. ICRA Nepal has assigned the company an ICRANP Issuer Rating of Double B in the rating conducted for the IPO issuance. This indicates that there is a moderate risk in the company’s ability to meet 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 Securities and Exchange Board of Nepal and their designated branch offices, and CDS and Clearing Limited.
