Citizen Life Insurance has opened the first phase of its IPO issue at a premium starting today. The insurance company has issued shares to the general public at a face value of Rs 100 per share, adding a premium of Rs 144 for a total of Rs 244 per share. In the first step, Nepali citizens who are employed abroad after receiving labor approval from the relevant agencies of the Government of Nepal will be able to apply for this IPO.
The issued capital of insurance is 3 billion 75 million rupees at a rate of 30%. Permission to issue 12 million 125 million shares worth 1 billion 125 million rupees was obtained from the Nepal Securities Board.
5 percent of which will be 562 thousand 500 shares, equal to 5 crore 62 lakh 50 thousand rupees; 100 rupees per share have been set aside for the employees of this company, and the remaining 16 lakh 87 thousand 500 shares, equal to 1 billion 687 lakh 50 thousand rupees. The issue will be issued in two phases to the general public at Rs. 244 per share.
Of the total shares to be issued by the insurance, 10 percent, i.e., 11 lakh 25 thousand shares, have been allocated for Nepali citizens who are employed abroad after obtaining labor approval from the relevant agencies of the Government of Nepal, and 5 percent, i.e., 5 lakh 62 thousand 500 shares, have been allocated for the collective investment fund, while the rest is for general investors. The application for the existing 9 million shares will be opened in the second phase.
How many applications?
In this IPO, you will have to apply for a minimum of 10 shares, while you can apply for a maximum of 11 lakh, 25 thousand shares. How long does it take to apply? Nepalis working abroad can apply from June 31st to July 14th.
Who is the sales manager?
NIMBS Capital is the issuing and selling manager of the company.
Where to apply ?
Nepalese who are employed abroad can apply through the CSBA system using all CSBA member banks and financial institutions and their designated branch offices and ‘My Share’ that have received approval from the Nepal Securities Board.
In the rating, Icra Nepal has given IcraNP Issuer Rating Triple B to the insurance. This indicates that insurance funds are moderately secure in terms of meeting their obligations on time.