Kathmandu. Crest Micro Life Insurance’s IPO has been oversubscribed by 6.5 times on the second day, Friday.
The company conducted its IPO yesterday, February 22. The company has issued its IPO for general investors in the second phase after allocating the IPO issued to Nepalis employed abroad.
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, 10 percent has already been issued and distributed to Nepalese working abroad, 225,000 units worth Rs 22 million.
Similarly, 67,500 units have been distributed to the company’s employees and 112,500 units of ordinary shares have been distributed to collective investment funds. Now, in the second phase, the company has issued 1845,000 units of ordinary shares worth Rs 1845,000 to the general public.
According to the CDSC, 973,182 applicants have applied for 12,54,450 units in this IPO till 5 pm today. Which is 6.5 times more than the demand.
Due to the oversubscription, this IPO will also be distributed through a lottery. In which 184,500 lucky people will get shares at the rate of 10 units.
In the company’s IPO, a minimum of 10 units of shares will have 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 by 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 issue and sale manager is NIMB S Capital.
