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

Guardian Micro Life Insurance Limited is closing the issue of its IPO for foreign Nepalese Immigrants today, the 3rd of Poush, 2081. The issue opened on the 19th of Mangsir, 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 shares have been allocated for Nepalese citizens working abroad, the issue of which will close today.

Out of the total 22,50,000 units, 1,12,500 (i.e. 5% of 22,50,000) have been set aside for mutual funds and 67,500 (i.e. 3% of 13,75,000) units have been set aside for the employees of the company. The remaining 18,45,000 units are for the general public.

Kumari Capital is appointed as the issue manager for the IPO issuance. The minimum application quantity to be applied is 10 units and the maximum quantity is 1,00,000 units.

According to CDSC, 45,924 applicants have applied for a total of 24,98,250 units. Thus, the issue has already been oversubscribed by 11.10 times as of 5 PM yesterday.

CARE Ratings Nepal has assigned the company a 'CARE NP Double B Minus Issuer Rating,' indicating moderate risk in the company's ability to meet its obligations.