Guardian Micro Life Insurance IPO Allotment Concludes: Lucky 1,84,500 Applicants Allotted 10 Units Each via Lottery System
Sun, Jan 19, 2025 9:56 AM on IPO/FPO Result News, Highlight News,
The IPO allotment of Guardian Micro Life Insurance Limited is concluded today at the premises of issue manager Kumari Capital Limited, Kathmandu.
Guardian 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 (Poush 21-24, 2080).
Out of the total 22,50,000 units; 10% i.e. 2,25,000 units have already been allotted to Nepalese citizens working abroad, whereas 3% i.e. 67,500 units were set aside for the employees of the company, and 5% of the total offered shares i.e. 1,12,500 units allocated for the 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 1,822,405 valid applicants who applied for a total of 2,30,35,730 units. It was oversubscribed more than 12.58 times.
As per the allotment module, a total of 1,84,500 applicants were allotted 10 units each via lottery and the remaining 16,46,357 applicants were returned with empty hands.
In total 8,452 applicants who applied for 1,66,810 units were disqualified.
Allotment Module:
The IPO result can be accessed by CDSC IPO Result, MeroShare, and Kumari Capital Limited.
CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB- (Is)’ to Guardian Micro Life Insurance Limited (GMLIL). This rating indicates a moderate risk of default concerning the timely servicing of financial obligations in Nepal.
Guardian Micro Life Insurance Limited, established on December 26, 2022, began operations as a Micro Life Insurance Company on July 7, 2023, following its license approval on April 10, 2023, under the Insurance Act 2079. Headquartered in Biratnagar Municipality, Morang, Nepal, GMLIL offers diverse micro-life insurance products through an extensive sales network, including term plans, endowment plans, and group plans. As of mid-July 2024, the company reported a paid-up capital of Rs. 525 million and total assets amounting to Rs. 562 million.
