IPO of Citizen Life Insurance Company Added in SEBON Pipeline; Company To Issue IPO At Premium Price

The Initial Public Offering (IPO) of Citizen Life Insurance Company Limited has been added to SEBON’s IPO pipeline for approval.

The company is seeking to issue 11,250,000 unit shares to the employees and the general public. For the employees of the company, the shares will be issued at a par value of Rs. 100 whereas for the general public, the shares will be issued at a price of Rs. 290 per share (Rs 100 face value + Rs 190 premium price). The IPO issue will raise a total of Rs. 3,155,625,000 for the company.

NIBL Ace Capital has been appointed as the issue manager for the IPO issuance. The application was sent to SEBON on Chaitra 05, 2079.

The share capital of the company as of the second quarter report of Fiscal Year 2079/80 is Rs. 2.625 Arba. The paid-up capital of the company will reach Rs. 3.75 Arba after IPO issuance.

ICRA Nepal has upgraded the issuer rating of Citizen Life Insurance Company Limited to [ICRANP-IR] BBB (pronounced ICRA NP Issuer Rating triple B) from [ICRANP-IR] BBB- (pronounced ICRA NP Issuer Rating triple B minus). Such issuers are considered to have a moderate degree of safety regarding the timely servicing of financial obligations.

Citizen Life Insurance Company Limited is a public limited life insurance company (LIC), licensed by the Insurance Board in August 2017 and operating since October 2017. Its head office is in Teku, Kathmandu. The company has been established with Nepalese capital by its promoters, who include the media industry (Kantipur Publications Pvt. Ltd.), Nepalese BFIs, merchant bankers, investment management companies, insurance companies, and high net-worth individuals.