Deadline Extended for 2.49 Crores IPO Unit Shares of Himalayan Reinsurance; Issue Subscribed By 83.92% So Far
Sun, Dec 17, 2023 8:52 AM on IPO/FPO News, Latest,
Himalayan Reinsurance Limited has extended the deadline of its 2,49,00,000 unit IPO shares issue till 11th Poush, 2080. The issue opened on 27th Mangsir, 2080. The early closing date of this issue was today i.e. on the 1st Poush however due to undersubscription the issue has been extended till the 11th Poush.
Out of the total 3,00,00,000 units; 10% i.e. 30,00,000 units of shares have been allotted to Nepalese Citizens working abroad on 24th Mangsir, whereas 2% i.e. 6,00,000 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 15,00,000 units have been aside for the mutual funds. The remaining 2,49,00,000 units are being issued to the general public.
The shares are being issued for Rs. 206 per share (Rs 100 face value + Rs 106 premium price) for the general public.
NMB Capital Limited is appointed as the issue manager. Applications can be placed for a minimum of 10 units and a maximum of 3,00,000 units.
According to CDSC, a total of 1,156,434 applicants have applied for a total of 20,895,760 units worth Rs. 4.3 Arba. Thus, the issue has been subscribed by 83.92% till 5 pm yesterday.
ICRA Nepal has reaffirmed an issuer rating of [ICRANP-IR] A- (pronounced ICRA NP Issuer Rating A Minus) to Himalayan Reinsurance Limited, indicating an adequate degree of safety regarding the timely servicing of financial obligations. Such issuers carry low credit risk.
Himalayan Re-insurance Limited is the second reinsurance company to issue an IPO in Nepal. Himalayan Reinsurance, a pioneering private-sector reinsurance company in Nepal, specializes in offering reinsurance support to both Life and Non-Life Insurance Companies within Nepal and on an international scale. The company was granted its operational license in 2021.
The prominent promoters of Himalayan Reinsurance consist of leading business conglomerates in Nepal and significant financial institutions. Some of the noteworthy promoters include Golchha Group, Shanker Group, Infinity Holdings, Lucky Group, Ramesh Corp, Shiv Shakti Group, Himalayan Infrastructure Fund Ltd., Shalimar Investment, Saffron CK Investments, Vaishnav Enterprises, Murarka Group, K L Dugar Group, M V Dugar Group, R H Group, M S Corp, IME Group, Prem Gurung and Group, Ashlesha Enterprises, Allied Continental, and Balaji Marbles.
