Crest Micro Insurance Closing 2,25,000 Units IPO Shares to Foreign Nepalese Immigrants From Today

Crest Micro Life Insurance Limited is closing the issue of its IPO for foreign Nepalese Immigrants today, the 29th Magh, 2081. The issue opened on the 15th of Magh, 2081.

The issued capital of the company is Rs. 75 Crores of which 30% i.e. 22,50,000 unit shares worth Rs. 22.50 Crores will be issued later for the general public. Of this public issue, 10% of the shares totaling 2,25,000 units have been allocated for Nepalese citizens working abroad, the issue of which will close today.

NIMB Ace Capital has been appointed as the issue manager for the IPO issuance. Applications could be placed for a minimum of 10 units and a maximum of 10,000 units.

According to CDSC, 49,949 applicants have applied for a total of 13,95,710 units. Thus, the issue has already been oversubscribed by 6.20 times as of 5 PM yesterday.

ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB (pronounced ICRA NP Issuer Rating double B) to Crest Micro Life Insurance Limited (Crest or the company), signifying a moderate risk of default in the timely servicing of financial obligations. This rating reflects an opinion on the general creditworthiness of the rated entity and is not tied to any specific debt instrument.