ss-pro

IPO allotment of Nepal Reinsurance concludes; all applicants applying till 40 units allotted with full applied units and lucky 77,245 applicants get 10 units extra

global-ime-bank
Wed, Apr 8, 2020 7:42 AM on IPO/FPO Result News, Stock Market, Latest,
-ShareSansar

The IPO of Nepal Reinsurance Company Limited is allotted today i.e. Chaitra 26, 2076 at the premises of RBB Merchant Bank Limited, Kathmandu. The company had closed the issue of 1,60,00,000 units ordinary shares worth Rs 1.6 Arba to the general public on Chaitra 7, 2076.

The scheduled allotment of the IPO was on Chaitra 14, 2076. However, due to the corona virus outbreak and the subsequent lockdown, the allotment process was postponed until further notice. Since the lockdown was extended till April 15, 2020 the issue manager decided to conduct allotment with extreme caution.

Out of the offered 16,000,000 units; 73,500 units have been set-aside for the employees of the company and 5% of total offered share to general public i.e. 800,000 units have been set-aside for the mutual funds. The remaining 15,126,500 units are for the general public.

As per the issue manager, a total of 3,90,638 valid applicants were received for 52,414,710 units of shares till closing day. The details for allotment according to applied shares are as follows:

  • 27,748 applicants who applied for 10 units get 10 units.
  • 15,590 applicants who applied for 20 units get 20 units.
  • 12,723 applicants who applied for 30 units get 30 units.
  • 20,929 applicants who applied for 40 units get 40 units.
  • Remaining 313,648 who applied for 40 units or more get 40 units and lucky 77,245 applicants get 10 units extra through lottery.

The issue was oversubscribed by 3.46 times. The number of invalid applicants stood at 988 and invalid number of units is 117,480.

The IPO result can be accessed by sharesansar.com- IPO result page.

ICRA Nepal Limited has assigned a [ICRANP] IPO Grade 2 to the Rs.1.60 Arba Initial Public Offer of Nepal Re-Insurance Company Limited. Instruments with this grading are considered to have above-average fundamentals. The approved units is 16% of the total paid up capital of the company. 

 

naturo-earth