Himalayan Reinsurance IPO Collects Rs. 3.29 Arba Till Third Day; Issue Subscribed By 64.29% So Far

Himalayan Reinsurance Limited has been issuing 2,49,00,000 units of IPO shares to the general public from 27th Mangsir, 2080. The early closing date of this issue is on the 1st Poush and if the issue is not fully subscribed, it can be extended up to the 11th Poush, 2080.

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 888,744 applicants have applied for a total of 16,008,080 units worth Rs. 3.29 Arba. Thus, the issue has been subscribed by 64.29% till 10 AM this morning.

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.