Himalayan Reinsurance Limited IPO Allotment Concluded; Applicants Get Minimum 10 Units to Maximum 40 Units
Wed, Dec 27, 2023 10:22 AM on IPO/FPO News, Latest,
The IPO allotment of Himalayan Reinsurance Limited is concluded today at Taj Reception, Subarna Samsher Marg, Baluwatar, Kathmandu.
Himalayan Reinsurance Limited issued 2,49,00,000 unit IPO shares at Rs. 206 per share (Rs 100 face value + Rs 106 premium price) to the general public from Mangsir 27 to Poush 2, 2080.
Out of the total 30 million units; 10% i.e. 3 million units of shares have already been issued from 4th - 18th Mangsir and were 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 for the general public.
NMB Capital Limited has been managing the entire issue of the reinsurance company.
During the IPO process, the issue had received applications from 15,64,564 valid applicants who had applied for a total of 2,99,97,720 units. The issue was oversubscribed by more than 1.2 times.
As per the allotment module, applicants who applied up to 30 units get as per applied units, and applicants who applied from 40 units to 34,050 units get 10 unit extra via lottery. Out of 96,538 applicants who are eligible for the lottery, only 29,021 applicants were allotted 10 units extra via lottery i.e. they were allotted 40 units in total.
A total of 15,00,000 units were allotted to the 14 mutual funds and 6,00,000 units were allotted to the 29 staff members.
In total 8,655 applicants who applied for 2,73,490 units were disqualified.
Allotment Module:
The IPO result can be accessed by CDSC IPO Result, MeroShare, and NMB Capital Limited.
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.
