IPO Allotment of Guardian Micro Life Insurance To Be Concluded on Sunday; Lucky 1,84,500 Applicants Will Get 10 Units Each

The IPO allotment of Guardian Micro Life Insurance Limited will take place this Sunday, i.e. on 6th Magh, 2081 at 9 am on that day. The allotment program will be held at the premises of the issue manager Kumari Capital Limited, Naxal.

Out of the total 22,50,000 units; 10% i.e. 2,25,000 units have already been allotted to Nepalese citizens working abroad, whereas 3% i.e. 67,500 units were set aside for the employees of the company, and 5% of the total offered shares i.e. 1,12,500 units allocated for the mutual funds. The remaining 18,45,000 units were issued to the general public at a par value of Rs. 100.

According to CDSC, 14,92,769 applicants applied for a total of 19,991,890 units worth Rs. 1.99 Arba as of closing day.

Looking at the data, it is apparent that only 1,84,500 lucky applicants will get ownership of the company.

CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB- (Is)’ to Guardian Micro Life Insurance Limited (GMLIL). This rating indicates a moderate risk of default concerning the timely servicing of financial obligations in Nepal.

Guardian Micro Life Insurance Limited, established on December 26, 2022, began operations as a Micro Life Insurance Company on July 7, 2023, following its license approval on April 10, 2023, under the Insurance Act 2079. Headquartered in Biratnagar Municipality, Morang, Nepal, GMLIL offers diverse micro-life insurance products through an extensive sales network, including term plans, endowment plans, and group plans. As of mid-July 2024, the company reported a paid-up capital of Rs. 525 million and total assets amounting to Rs. 562 million.