IPO Proposal of Crest Micro Life Insurance And Om Megashree Pharmaceuticals Approved by SEBON

The Securities Exchange Board of Nepal (SEBON) has approved the IPO issue proposal of Crest Micro Life Insurance Limited.

The company will now issue 7,500,000 equity shares at a par value of NPR 100 each. The amount of the issue is Rs. 75 Crore.

NIMB Ace Capital Limited has been appointed as the issue manager for the IPO issuance. The application was submitted to SEBON on Magh 03, 2081.

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). This rating reflects a moderate risk of default in meeting financial obligations on time. It serves as an opinion on the general creditworthiness of the rated entity and does not pertain to any specific debt instrument.

Crest Micro Life Insurance Company Limited, licensed by the Insurance Board in April 2023, operates from its head office in Surkhet and registered office in Sanepa, Lalitpur. As of mid-July 2024, the company has a paid-up capital of NPR 525 million, with major shareholders including Himalayan Reinsurance Limited (21.43%) and Metro Capital Pvt. Ltd. (16.62%). Crest reported profits of ~NPR 4.50 million in FY2023 and ~NPR 11 million in FY2024, with total assets of ~NPR 546 million and ~NPR 611 million, respectively. The company plans to launch an IPO soon.

The Securities Exchange Board of Nepal (SEBON) has approved the IPO issue proposal of OM Megashree Pharmaceuticals Limited.

The company will now issue 6,000,000 equity shares at a par value of NPR 100 each. The amount of the issue is Rs. 60 Crore.

Prabhu Capital Limited has been appointed as the issue manager for the IPO issuance. The application was submitted to SEBON on Magh 03, 2081.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the ‘CARE-NP BB- (Is)’ rating for Om Megashree Pharmaceuticals Limited (OMPL), indicating moderate default risk for timely financial obligations. Additionally, CRNL has reaffirmed the ‘CARE-NP BB-’ rating for OMPL’s long-term bank facilities and the ‘CARE-NP A4’ rating for its short-term bank facilities.

Om Megashree Pharmaceuticals Limited, established on June 12, 2016, is a public limited company in Nepal, promoted by a group of institutional and individual investors. The company manufactures pharmaceutical products at its Chitwan-based plant and began partial operations on February 19, 2024.