Crest Micro Life Insurance Limited has commenced the offering of 18,45,000 unit IPO shares with a nominal value of Rs. 100, effective today, which is the 22nd Falgun, 2081. The preliminary closing date for this issuance is established as the 26th Falgun, 2081, with a potential extension until the 7th Chaitra, 2081, should there be any unsubscribed units.
From the total 22,50,000 units; 10%, equating to 2,25,000 units, are already allocated to Nepalese citizens employed abroad, while 3%, or 67,500 units, are reserved for the company’s employees, and 5% of the total issued shares, or 1,12,500 units, are designated for mutual funds. The remaining 18,45,000 units, currently available for issuance, are accessible to the general populace.
NIMB Ace Capital Limited has been appointed to manage the issuance. Applications may be submitted for a minimum of 10 units and a maximum of 10,000 units.
ICRA Nepal has awarded Crest Micro Life Insurance Limited (Crest or the company) an issuer rating of [ICRANP-IR] BB (stated as ICRA NP Issuer Rating double B), indicating a moderate likelihood of default concerning timely financial obligations. This rating provides an assessment of the overall creditworthiness of the rated entity and is not associated with any particular debt instrument.
Crest Micro Life Insurance Company Limited operates as a public limited entity, authorized by the Insurance Board in April 2023, and has been active since then. The company maintains its head office in Surkhet, while its registered office is located in Sanepa, Lalitpur. As of mid-July 2024, Crest boasts a paid-up capital of NPR 525 million, with notable shareholding 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 in the near future.
