Last Day to Apply for IPO of Citizen Life Insurance Company; Oversubscribed 1.38 Times from 11.07 Lakh Applicants
Tue, Sep 5, 2023 7:50 AM on IPO/FPO News, Latest,
Citizen Life Insurance Company Limited is closing the issue of 90,00,000 unit shares to the general public from today i.e. on 19th Bhadra, 2080. The issue opened on 15th Bhadra, 2080.
The issued capital of the life insurance company is Rs. 3.75 Arba of which 30% i.e. 1,12,50,000 unit shares will be issued to the public (Nepalese citizens working abroad and the general public).
Out of this total issue, 10% i.e. 11,25,000 unit shares were issued to Nepalese citizens working abroad, whereas 5% i.e. 562,500 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 562,500 units have been set aside for the mutual funds. The remaining 90,00,000 units are being issued to the general public from Bhadra 15.
The shares are being issued for Rs. 244 per share (Rs 100 face value + Rs 144 premium price) to the general public and for the employees of the company at a par value of Rs. 100.
NIMB Ace Capital is appointed as the issue manager. The IPO issue will raise a total of Rs. 2.66 Arba for the company. Out of this Rs 1.53 Arba will be the premium amount and the rest will be added to the paid-up capital.
According to CDSC, 11,07,048 applicants have applied for a total of 12,450,120 units worth Rs. 3.03 Arba. Thus, the issue has already been oversubscribed by 1.38 times so far.
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.
