IPO Proposals of IME Life Insurance Company and Upper Lohore Khola Hydropower Company Finally Approved by SEBON
Wed, Jun 7, 2023 11:50 AM on Latest, IPO/FPO News,
The Securities Exchange Board of Nepal (SEBON) has approved the proposed IPO issue of IME Life Insurance Company Limited and Upper Lohore Khola Hydropower Company Limited. Both proposals were approved on Jestha 23.
IME Life Insurance Company will now issue 12,000,000 equity shares at a price of Rs. 236.91 per share (Rs 100 face value + Rs 136.91 premium price) to the general public. Out of a total of 12,000,000 unit shares, 6,00,000 units will be issued to the employees of the company at a par value of Rs. 100. The IPO issue will raise a total of Rs. 2.76 Arba for the company. Out of this Rs 1.56 Arba will be the premium amount and the rest would add to the paid-up capital.
This is 30% of the company's issued capital i.e. 4 Arba. The current paid-up capital of the company is Rs. 2.80 Arba.
Civil Capital Market has been appointed as the issue manager for the IPO issuance.
IME Life Insurance Company Limited is a life insurance company registered at Office of Company Registrar under the Company Act 2006 on October 1, 2008, and obtained a license from Insurance Board on July 4, 2017. The company had an asset base of Rs. 5,281 Million as on July 15, 2021. The capital structure of the company comprises an authorized capital of Rs. 2 Billion out of which Rs. 1.40 Billion is paid-up capital from the promoter groups.
Similarly, Upper Lohore Khola Hydropower Company will now issue 24,98,040 equity shares at a par value of NPR 100 each. The amount of the issue is Rs. 24.98 Crore. This is 49% of the company's issued capital. The total paid-up capital after the IPO allotment would be Rs 50.98 crore of the company.
Nic Asia Capital Limited has been appointed as the issue manager.
Upper Lohare Hydropower Company Limited was established on November 10, 2017, as a private limited company. Later, the company was converted into a public limited company. The company is developing an Upper Lohore Hydropower Project in the Dailekh district. The project is a run-of-the-river type project with an installed capacity of 4MW.
