Citizen Life Insurance To Issue IPO At Premium Price From Bhadra 15

Citizen Life Insurance Company Limited (CLICL) is going to issue IPO on premium from 15th of Bhadra. The insurance company is going to issue shares to the general public at a face value of Rs 100 per share with a premium of Rs 144 added for a total of Rs 244 per share.

Insurance got permission to issue 1,12,50,000 shares worth 1.125 billion rupees at the rate of 30% of its issued capital of 3.75 billion rupees. 5 percent of them have already issued 562 thousand 500 shares worth 5 crore 62 lakh 50 thousand rupees at 100 rupees per share for employees of the company.

Likewise, 10 percent of the remaining 168 million 75 thousand rupees equal to 16 lakh 87 thousand 500 shares i.e. 11 lakh 25 thousand shares for Nepali citizens who are employed abroad after obtaining labor approval from the relevant body of the Government of Nepal and 5 lakh 62 thousand 500 shares have been issued and distributed to collective mutual funds.

Now the insurance company is going to issue the remaining 90 million shares for the common investors.

Investors can apply for insurance IPO till 19th of Bhadra. If the complete application is not received within that period, the issuance period will be extended until Bhadra 29. In the IPO of insurance, you have to apply for a minimum of 10 shares, and you can apply for a maximum of 15 lakh shares.

In the rating given for IPO issuance, ICRA Nepal has given ICRA Nepal Issuer Rating Triple B to Insurance. This indicates that the insurer is moderately secure in meeting its financial obligations on time.

The issuing and selling manager of the insurance securities is NIMB Capital Limited. Investors can apply through the 'Mero Share' software provided by the participating banks and financial institutions and their branch offices and CDS and Clearing Limited, which are licensed by the Securities Board of Nepal (SEBON).