IPO Allotment: Himalayan Reinsurance Allotted Shares To Nepalese Employed Abroad on Mangsir 24

Himalayan Reinsurance Limited has allotted IPO shares to Nepalese citizens working abroad. The allotment program concluded today morning i.e. on 24th Mangsir, 2080.

The issued capital of the company is Rs. 10 Arba of which 30% i.e. 3,00,00,000 unit shares are for the public (Nepalese citizens working abroad and the general public). Out of this total issue, 10% i.e. 30,00,000 unit shares were issued for Rs. 206 per share (Rs 100 face value + Rs 106 premium price) for Nepalese citizens working abroad from 4th- 18th Mangsir.

According to the allotment module, the issuance garnered a cumulative total of 32,056 applications for 4,338,650 units. Out of this, 8 applications were deemed invalid, representing 520 units. Applicants who sought allocations ranging from 10 to 170 units were fulfilled in entirety. Similarly, those who applied for 180 to 19,500 units were allotted 170 units each. Among the 6,934 applicants in this category, 2,651 applicants received an additional 10 units through a lottery process.

NMB Capital Limited was appointed as the issue manager. Applications could be placed for a minimum of 10 units and a maximum of 300,000 units.

The company will be issuing 2,49,00,000 units for the general public from 27th Mangsir to 1st Poush, 2080. The shares will be issued for Rs. 206 per share (Rs 100 face value + Rs 106 premium price) for the general public.

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.

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.