Crest Micro Life Insurance IPO Allotment Concludes: Lucky 1,84,500 Applicants Allotted 10 Units Each via Lottery System
Tue, Mar 18, 2025 9:18 AM on IPO/FPO News, IPO/FPO Result News, Highlight News,
The IPO allotment of Crest Micro Life Insurance Limited is concluded today at the premises of issue manager NIMB Ace Capital Limited, Lazimpat, Kathmandu.
Crest Micro Life Insurance Limited had issued 18,45,000 units worth Rs 18.45 crores as an Initial Public Offering (IPO) to the general public (Falgun 22-26, 2081).
Out of the total 22,50,000 units, 10%, i.e. 2,25,000 units, have already been issued to Nepalese citizens working abroad, whereas 3%, i.e. 67,500 units, have been set aside for the company's employees, and 5% of the total offered shares, i.e. 1,12,500 units, have been set aside for mutual funds. The remaining 18,45,000 units were issued to the general public at a par value of Rs. 100.
The issue received applications from 19,55,685 valid applicants who applied for a total of 22,584,770 units. It was oversubscribed more than 13.28 times.
As per the allotment module, a total of 1,84,500 applicants were allotted 10 units each via lottery, and the remaining 17,71,185 applicants were returned with empty hands.
In total, 10,126 applicants who applied for 1,54,880 units were disqualified.
Allotment Module:
The IPO result can be accessed by CDSC IPO Result, MeroShare, and NIMB Ace Capital Limited.
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.
Crest Micro Life Insurance Company Limited is a public limited company licensed by the Insurance Board in April 2023 and has been operational since then. The company's head office is in Surkhet, while its registered office is in Sanepa, Lalitpur. As of mid-July 2024, Crest has a paid-up capital of NPR 525 million, with significant shareholding from Himalayan Reinsurance Limited (21.43%), Metro Capital Pvt. Ltd. (16.62%), Mr. Kishan Lal Dugar (6.67%), K.R.S Investment Pvt. Ltd. (6.67%), Ms. Sangeeta Devi More (3.97%), and Mr. Anupam Rathi (3.33%), among others. The company is preparing to float an IPO for the general public soon.
