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

The IPO allotment of Nepal Micro Insurance Limited will take place this Friday, i.e., on 23rd Falgun, 2081, at 8:30 am. The allotment program will be held at the premises of the issue manager NIMB Ace Capital Limited, Lazimpat.

Out of the 22,50,000 units, 10% (2,25,000 units) have already been allocated to Nepalese citizens employed abroad. In comparison, 3% (67,500 units) are reserved for the company's employees, and 5% (1,12,500 units) have been designated for mutual funds. The remaining 18,45,000 units were issued to the general public at a par value of Rs. 100.

According to CDSC, 19,02,984 applicants applied for 2,45,04,310 units worth Rs. 2.45 Arba as of the 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 Nepal Micro Insurance Company Limited an issuer rating of ‘CARE-NP BB—(Is). This rating indicates a moderate risk of default in meeting financial obligations on time within Nepal.

Nepal Micro Insurance Company Limited (NMIC) was established on December 23, 2022. It operates as a Micro Non-Life Insurance Company, receiving its license on April 10, 2023, under the Insurance Act 2079. NMIC began its business operations on May 14, 2023. The company's registered office is in Bharatpur-1, Chitwan, with a provincial office in Gairidhara, Kathmandu. As of July 16, 2024, NMIC offers various micro non-life insurance products, including motor, property, burglary, and accident insurance. The company had a paid-up capital of Rs. 525 million and an asset base of Rs. 636 million by mid-July 2024.