Crest Micro Life Insurance Opens 18.45 Lakh IPO Shares for General Public from Today

Crest Micro Life Insurance Limited is opening the issuance of 18,45,000 unit IPO shares at a par value of Rs. 100, starting today, i.e., 22nd Falgun, 2081. The early closing date for this issue is set for 26th Falgun, 2081, with a possible extension up to 7th Chaitra, 2081, if it remains unsubscribed.

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 employees of the company, and 5% of the total offered shares i.e. 1,12,500 units have been set aside for the mutual funds. The remaining 18,45,000 units, now open for issuance, are available to the general public.

NIMB Ace Capital Limited is appointed as the issue manager. Applications can 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 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.