Nepal Micro Insurance IPO Allotment Concludes: Lucky 1,84,500 Applicants Allotted 10 Units Each via Lottery System
Fri, Mar 7, 2025 9:48 AM on IPO/FPO News, IPO/FPO Result News, Latest,
The IPO allotment of Nepal Micro Insurance Company Limited is concluded today at the premises of issue manager NIMB Ace Capital Limited, Lazimpat, Kathmandu.
Nepal Micro Insurance Company Limited had issued 18,45,000 units worth Rs 18.45 crores as an Initial Public Offering (IPO) to the general public (Falgun 11-15, 2081).
Out of the total 22,50,000 units, 10%, i.e., 2,25,000 units have already been allotted to Nepalese citizens working abroad, whereas 3%, i.e. 67,500 units, were set aside for the employees of the company, and 5% of the total offered shares, i.e. 1,12,500 units allocated for the mutual funds. The remaining 18,45,000 units were issued to the general public at a par value of Rs. 100.
The issue received applications from 1,806,762 valid applicants who applied for a total of 22,274,390 units. It was oversubscribed more than 13.28 times.
As per the allotment module, a total of 1,84,500 applicants were allotted 10 units each via lottery, and the remaining 24,319,810 applicants were returned with empty hands.
In total, 10,386 applicants who applied for 1,71,960 units were disqualified.
Allotment Module:
The IPO result can be accessed by CDSC IPO Result, MeroShare, and NIMB Ace Capital Limited.
CARE Ratings Nepal Limited (CRNL) has assigned Nepal Micro Insurance Company Limited an issuer rating of ‘CARE-NP BB—(Is). This rating indicates a moderate risk of default in meeting financial obligations on time within Nepal.
Nepal Micro Insurance Company Limited (NMIC) was established on December 23, 2022. It operates as a Micro Non-Life Insurance Company, receiving its license on April 10, 2023, under the Insurance Act 2079. NMIC began its business operations on May 14, 2023. The company's registered office is in Bharatpur-1, Chitwan, with a provincial office in Gairidhara, Kathmandu. As of July 16, 2024, NMIC offers various micro non-life insurance products, including motor, property, burglary, and accident insurance. The company had a paid-up capital of Rs. 525 million and an asset base of Rs. 636 million by mid-July 2024.
