Sun Nepal Life Insurance Company To Issue 76.80 Lakh IPO Shares to General Public From Shrawan 32 at Premium Price
Wed, Aug 9, 2023 8:49 AM on IPO/FPO News, Latest,
Sun Nepal Life Insurance Company Limited will be issuing its 76,80,000 unit IPO shares from 32nd Shrawan, 2080. The early closing date of this issue is on the 4th Bhadra and if the issue is not fully subscribed, it can be extended up to the 14th Bhadra, 2080.
The issued capital of the life insurance company is Rs. 3.2 Arba of which 30% i.e. 96,00,000 unit shares are for the public (Nepalese citizens working abroad and the general public). Out of this total issue, 10% i.e. 960,000 unit shares were issued to Nepalese citizens working abroad from 1st Shrawan to 15th Shrawan.
The remaining 86,40,000 units will be issued to the general public (including employees of the company and mutual funds) from the mentioned date above.
Out of the total 86,40,000 units; 5% i.e. 480,000 units have been set aside for the mutual funds while 5% or 480,000 units have been set aside for the employees of the company (at the rate of Rs. 100 per share). The remaining 76,80,000 units are for the general public.
The shares will be issued for Rs. 239 per share (Rs 100 face value + Rs 139 premium price) to the general public.
Nepal SBI Merchant Banking has been appointed as the issue manager. The IPO issue will raise a total of Rs. 2.22 Arba for the company. Out of this Rs 1.26 Arba will be the premium amount and the rest would add to the paid-up capital.
Sun Nepal Life Insurance Company Limited is a life insurance company that obtained its license from Insurance Board on August 2, 2017. The company has been offering an extensive range of products such as Money Back, Endowment, Whole Life, Term Assurance products, etc. through its diversified sales network. It has a branch network of 21 (including head office), 56 sub-branches, and 15,838 insurance agents as of Mid-Dec 2019.
Likewise, CRNL has assigned a grading of ‘CARE-NP IPO Grade 4’ to the proposed Initial Public Offer (IPO) of Sun Nepal Life Insurance Company Limited, indicating Below Average Fundamentals.
