Nepal Micro Insurance Limited is initiating the closure of 18,45,000 units of IPO shares with a nominal value of Rs 100 starting today, the 15th Falgun. The issue first opened to the public on 11th Falgun, 2081.
From a total of 22,50,000 units, 10% (2,25,000 units) have been earmarked for Nepalese citizens working overseas. Comparatively, 3% (67,500 units) has been set aside for the company’s staff, and 5% (1,12,500 units) is allocated to mutual funds. The remaining 18,45,000 units are now accessible for public subscription.
NIMB Ace Capital Limited is designated as the issue manager. Interested parties can apply for a minimum of 10 units up to a maximum of 1,00,000 units.
As per CDSC data, there have been 15,72,588 applications totaling 2,04,01,920 units valued at Rs. 2.04 Arba. Consequently, the issue is currently oversubscribed by a factor of 11.05.
CARE Ratings Nepal Limited (CRNL) has provided an issuer rating of ‘CARE-NP BB—(Is)’ to Nepal Micro Insurance Company Limited. This rating suggests a moderate risk associated with fulfilling financial commitments punctually within Nepal.
Established on December 23, 2022, Nepal Micro Insurance Company Limited (NMIC) functions as a Micro Non-Life Insurance firm, having obtained its license on April 10, 2023, in compliance with the Insurance Act 2079. NMIC commenced its business activities on May 14, 2023. The corporate headquarters is situated in Bharatpur-1, Chitwan, with an additional provincial office located in Gairidhara, Kathmandu. By mid-July 2024, NMIC provides a range of micro non-life insurance services, including motor, property, burglary, and accident insurance. The company reported a paid-up capital of Rs. 525 million and an asset base of Rs. 636 million by mid-July 2024.
