The allotment for the IPO of Crest Micro Life Insurance Limited is set to occur this Tuesday, specifically on the 5th of Chaitra, 2081, at 8:30 am. The allocation event will transpire at the offices of the issue manager, NIMB Ace Capital Limited, located in Lazimpat.
From the total of 22,50,000 units, 10% (2,25,000 units) have already been allocated to Nepali nationals employed overseas, with 3% (67,500 units) reserved for the company’s workforce and 5% (1,12,500 units) designated for mutual funds. The remaining 18,45,000 units were made available to the general populace at a par value of Rs. 100.
As per the CDSC, 20,50,633 applicants sought 2,45,14,280 units, amounting to Rs. 2.45 Arba by the close of the application period.
From the analysis, it’s clear that merely 1,84,500 fortunate applicants will gain ownership stakes in the company.
ICRA Nepal has designated an issuer rating of [ICRANP-IR] BB (pronounced as ICRA NP Issuer Rating double B) to Crest Micro Life Insurance Limited (Crest or the company), indicating a moderate likelihood of failing to meet financial obligations promptly. This rating conveys a perspective on the overall creditworthiness of the rated organization, independent of any specific debt instrument.
Crest Micro Life Insurance Company Limited is a publicly traded entity that received its license from the Insurance Board in April 2023 and has been functioning since. The company’s headquarters is situated in Surkhet while its registered office resides in Sanepa, Lalitpur. As of mid-July 2024, Crest has a paid-up capital of NPR 525 million, with notable shareholdings from Himalayan Reinsurance Limited (21.43%), Metro Capital Pvt. Ltd. (16.62%), Mr. Kishan Lal Dugar (6.67%), K.R.S Investment Pvt. Ltd. (6.67%), Ms. Sangeeta Devi More (3.97%), and Mr. Anupam Rathi (3.33%), among others. The company is gearing up to launch an IPO for the general public shortly.
