Himalayan Reinsurance Closing 30,00,000 Units IPO Shares to Foreign Nepalese Immigrants From Today
Mon, Dec 4, 2023 7:35 AM on IPO/FPO News, Latest,
Himalayan Reinsurance Limited is closing the issue of its IPO for Foreign Nepalese Immigrants today i.e. on the 18th of Mangsir. The issue had opened on 4th Mangsir, 2080.
The issued capital of the company is Rs. 10 Arba of which 30% i.e. 3,00,00,000 unit shares will be issued to the public (Nepalese citizens working abroad and the general public). Out of this total issue, 10% i.e. 30,00,000 unit shares have been allocated for Nepalese citizens working abroad, the issue of which will close today.
Whereas 2% of the total offered shares i.e. 600,000 units have been set aside for the employees of the company and 5% or 15,00,000 units have been set aside for the mutual funds. The remaining 2,49,00,000 units will be issued later to 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 300,000 units.
According to CDSC, 28,479 applicants have applied for a total of 34,82,900 units. Thus, the issue has already been oversubscribed by 1.16 times as of 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.
This is the second reinsurance company to issue an IPO. 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.
In addition to these prominent business houses, the list of promoters encompasses two of Nepal's topmost commercial banks, primarily owned by the Government of Nepal. These banks are Nepal Bank Limited and Rastriya Banijya Bank Limited.
