IPO Issue of Crest Micro Life Insurance Closing Today; Oversubscribed 10.43 Times So Far

Crest Micro Life Insurance Limited is closing the issue of 18,45,000 units of IPO shares at a par value of Rs 100 from today, the 26th Falgun, 2081. The issue opened for the general public on the 22nd Falgun, 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, now open for issuance, are available to the general public.

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.

According to CDSC, 15,90,594 applicants have applied for 1,92,57,110 units worth Rs. 1.92 Arba. Thus, the issue has already been oversubscribed 10.43 times.

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.