IME Life Insurance IPO Issue Date Revised; 96 Lakh Units of Shares to be Issued to General Public from 21st Ashad, 2080
Wed, Jul 5, 2023 8:23 AM on IPO/FPO News, Latest,
IME Life Insurance Company Limited has revised its date to issue 96,00,000 units of IPO shares to the general public which was supposed to open today i.e. on 20th Ashad, 2080.
As per the notice, the company will be issuing 96,00,000 unit shares to the general public from 21st Ashad, 2080. The early closing date of this issue is on 25th Ashad and if the issue is not fully subscribed, it can be extended up to 4th Shrawan, 2080.
The issued capital of the life insurance company is Rs. 4 Arba of which 30% i.e. 1,20,00,000 unit shares are for the public (Nepalese citizens working abroad and the general public). Out of this total issue, 10% i.e. 12,00,000 unit shares were issued to the Nepalese citizens working abroad, whereas 5% i.e 600,000 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 600,000 units have been set aside for the mutual funds. The remaining 96,00,000 units are for the general public.
The shares will be issued for Rs. 236.91 per share (Rs 100 face value + Rs 136.91 premium price) to the general public and for the employees of the company at a par value of Rs. 100.
Civil Capital Market is appointed as the issue manager. The IPO issue will raise a total of Rs. 2.76 Arba for the company. Out of this Rs 1.56 Arba will be the premium amount and the rest would add to the paid-up capital. The current paid-up capital of the company is Rs. 2.80 Arba.
CARE Ratings Nepal Limited (CRNL) has reaffirmed the rating of ‘CARE-NP BBB (Is)’ assigned to IME Life Insurance Company Limited. Issuers with this rating are considered to have a moderate degree of safety regarding timely servicing of financial obligations, in Nepal.
IME Life Insurance Company Limited is a life insurance company registered at Office of Company Registrar under the Company Act 2006 on October 1, 2008, and obtained a license from Insurance Board on July 4, 2017. The company had an asset base of Rs. 5,281 Million as on July 15, 2021. The capital structure of the company comprises an authorized capital of Rs. 2 Billion out of which Rs. 1.40 Billion is paid-up capital from the promoter groups.
