Crest Micro Life Insurance Issuing IPO Shares to Foreign Nepalese Immigrants from Magh 15

Crest Micro Life Insurance Limited has published an offer letter to issue an Initial Public Offering (IPO) to Foreign Nepalese Immigrants.

The IPO issue for the Foreign Nepalese Immigrants will open from the 15th Magh to the 29th Magh, 2081. Note that the issue will not be extended from the early closing date for Nepalese citizens working abroad.

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 shares have been allocated for Nepalese citizens working abroad, the issue of which will open on the date mentioned above.

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.

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, licensed by the Insurance Board in April 2023, operates with its head office in Surkhet and a registered office in Sanepa, Lalitpur. As of mid-July 2024, the company has a paid-up capital of NPR 525 million, with major shareholders including Himalayan Reinsurance Limited (21.43%) and Metro Capital Pvt. Ltd. (16.62%). Crest reported a profit after tax of ~NPR 4.50 million in FY2023 on a total asset base of ~NPR 546 million, increasing to ~NPR 11 million in FY2024 with total assets of ~NPR 611 million. 

Offer Letter: