IPO Alert! Citizen Life Insurance Company to Issue IPO Shares to Nepalese Citizens Working Abroad From Ashad 31
Fri, Jul 7, 2023 9:30 AM on IPO/FPO News, Featured,
Citizen Life Insurance Company Limited has published an offer letter to issue an Initial Public Offering (IPO) to Nepalese citizens working abroad.
The company will be issuing 11,25,000 unit shares from 31st Ashad to Nepalese Citizens working aboard. The closing date of this issue is on 14th Shrawan, 2080.
The issued capital of the life insurance company is Rs. 3.75 Arba of which 30% i.e. 1,12,50,000 unit shares will be issued to the public (Nepalese citizens working abroad and the general public). Out of this total issue, 10% i.e. 11,25,000 unit shares have been allocated for Nepalese citizens working abroad, whereas 5% i.e 562,500 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 562,500 units have been set aside for the mutual funds. The remaining 90,00,000 units will be issued later to the general public.
The shares will be issued for Rs. 244 per share (Rs 100 face value + Rs 144 premium price) to the general public and for the employees of the company at a par value of Rs. 100.
NIBL Ace Capital has been appointed as the issue manager. The IPO issue will raise a total of Rs. 2.66 Arba for the company. Out of this Rs 1.53 Arba will be the premium amount and the rest would add to the paid-up capital.
ICRA Nepal has upgraded the issuer rating of Citizen Life Insurance Company Limited to [ICRANP-IR] BBB (pronounced ICRA NP Issuer Rating triple B) from [ICRANP-IR] BBB- (pronounced ICRA NP Issuer Rating triple B minus). Such issuers are considered to have a moderate degree of safety regarding the timely servicing of financial obligations.
Citizen Life Insurance Company Limited is a public limited life insurance company (LIC), licensed by the Insurance Board in August 2017 and operating since October 2017. Its head office is in Teku, Kathmandu. The company has been established with Nepalese capital by its promoters, who include the media industry (Kantipur Publications Pvt. Ltd.), Nepalese BFIs, merchant bankers, investment management companies, insurance companies, and high net-worth individuals.
