Nepal Micro Insurance Opens 18.45 Lakh IPO Shares for General Public from Today

Nepal Micro Insurance Limited is opening the issuance of 18,45,000 unit IPO shares at a par value of Rs. 100 starting today, i.e., 11th Falgun, 2081. The early closing date for this issue is set for 15th Falgun, 2081, with a possible extension up to 25th Falgun, 2081, if it remains unsubscribed.

Out of the total 22,50,000 units, 10% (2,25,000 units) have already been allocated to Nepalese citizens employed abroad, while 3% (67,500 units) are reserved for the company's employees, and 5% (1,12,500 units) have been designated for mutual funds. The remaining 18,45,000 units, now open for issuance, are available to the general public.

NIMB Ace Capital Limited is appointed as the issue manager. Applications can be placed for a minimum of 10 units and a maximum of 1,00,000 units.

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.