IPO for General Public: Crest Micro Life Insurance to Issue 18,45,000 Lakh IPO Shares from Falgun 22

Crest Micro Life Insurance Limited will issue 18,45,000 unit IPO shares at a par value of Rs. 100 from 22nd Falgun, 2081. The early closing date of this issue is on the 26th Falgun, 2081 and if the issue is not fully subscribed, it can be extended up to the 7th Chaitra, 2081.

Out of the total 22,50,000 units; 10% i.e. 2,25,000 units have already been issued to Nepalese citizens working abroad, whereas 3% i.e. 67,500 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 1,12,500 units have been set aside for the mutual funds. The remaining 18,45,000 units are for the general public, the issue of which will open from 22nd Falgun, 2081.

NIMB Ace Capital Limited is appointed as the issue manager. Applications can be placed for a minimum of 10 units and a maximum of 10,000 units.

ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB (pronounced ICRA NP Issuer Rating double B) to Crest Micro Life Insurance Limited (Crest or the company), signifying a moderate risk of default in the timely servicing of financial obligations. This rating reflects an opinion on the general creditworthiness of the rated entity and is not tied to any specific debt instrument.

Crest Micro Life Insurance Company Limited is a public limited company licensed by the Insurance Board in April 2023 and has been operational since then. The company's head office is in Surkhet, while its registered office is in Sanepa, Lalitpur. As of mid-July 2024, Crest has a paid-up capital of NPR 525 million, with significant shareholding from Himalayan Reinsurance Limited (21.43%), Metro Capital Pvt. Ltd. (16.62%), Mr. Kishan Lal Dugar (6.67%), K.R.S Investment Pvt. Ltd. (6.67%), Ms. Sangeeta Devi More (3.97%), and Mr. Anupam Rathi (3.33%), among others. The company is preparing to float an IPO for the general public soon.

Offer Letter: