Nepal Micro Life Insurance Issuing IPO Shares to Foreign Nepalese Immigrants from Magh 8

Nepal Micro Insurance Company Limited has published an offer letter to issue an Initial Public Offering (IPO) to Foreign Nepalese Immigrants.

The IPO issue for the Foreign Nepalese Immigrants will open from the 8th Magh to the 22nd Magh, 2081. Note that the issue will not be extended from the early closing date for Nepalese citizens working abroad.

The issued capital of the company is Rs. 75 Crores of which 30% i.e. 22,50,000 unit shares worth Rs. 22.50 Crores will be issued later for the general public. Of this public issue, 10% of the shares totaling 2,25,000 units shares have been allocated for Nepalese citizens working abroad, the issue of which will open on the date mentioned above.

Out of the total 22,50,000 units, 1,12,500 (i.e. 5% of 22,50,000) have been set aside for mutual funds and 67,500 (i.e. 3% of 13,75,000) units have been set aside for the employees of the company. The remaining 18,45,000 units are for the general public.

NIMB Ace Capital has been appointed as the issue manager for the IPO issuance. Applications could be placed for a minimum of 10 units and a maximum of 1,00,000 units.

CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB- (Is)’ to Nepal Micro Insurance Company Limited. This rating indicates a moderate risk of default in meeting financial obligations on time within Nepal.

Offer Letter: