Citizen Life Insurance is going to issue IPO at premium from 15th of Bhadra . The insurance company is going to issue shares to the general public at a face value of Rs 100 per share with a premium of Rs 144 added for a total of Rs 244 per share.
Insurance got permission to issue 1,1250,000 shares worth 11.125 million rupees at the rate of 30% of its issued capital of 3.75 billion rupees. 5 percent of them have already issued 562 thousand 500 shares worth 5 crore 62 lakh 50 thousand rupees at 100 rupees per share for insurance employees.
Now the insurance company is going to issue the remaining 90 million shares for the common investors. Investors can apply for insurance IPO till 19th Bhadra . If the complete application is not received within that period, the issuance period will be extended until Bhadra 29. In the IPO of insurance, you have to apply for a minimum of 10 shares, and you can apply for a maximum of 15 lakh shares.
In the rating given for the IPO issuance, Icra Nepal has given IcraNP Issuer Rating Triple B to Insurance. This indicates that the insurer is moderately secure in meeting its financial obligations on time.
The issuing and selling manager of the insurance is NIMBS Capital Ltd. Investors can apply through the Mero Share software provided by the participating banks and financial institutions and their branch offices and CDS and Clearing Limited, which are licensed by the Nepal Securities Board.
Citizen Life Insurance IPO Details
| Issuer Details | |
|---|---|
| Insurance Company | Citizen Life Insurance |
| Face Value | Rs 100 per share |
| Premium | Rs 144 per share |
| Total Cost per Share | Rs 244 per share |
| Share Issuance | |
|---|---|
| Total Shares | 1,1250,000 shares |
| Total Value | Rs 1 Arab 12 Crore 50 Lakh |
| Issued Capital | Rs 3.75 billion |
| Issued to Employees | 562,500 shares (Rs 5.625 crore) |
| Remaining Shares for Public | 90 million shares |
| Minimum Shares to Apply | 10 shares |
| Maximum Shares to Apply | 1,500,000 shares |
| IPO Application | |
|---|---|
| Application Deadline | Until 19th Bhadra |
| Extension Deadline | Until Bhadra 29 |
| Issuer Rating | |
|---|---|
| ICRA Nepal Rating | Triple B (Moderate Security) |
| Issuing Manager | |
|---|---|
| Issuing Manager | NIMBS Capital Ltd. |