The IPO allotment date of Citizen Life Insurance has been fixed.
The sales manager said that the company’s IPO is ready to be distributed on the 28 th Bhadra . NIMB ACE Capital Limited is the IPO issue and sales manager of the company. The company issued the IPO at a premium from Bhadra 15 . According to the final statistics, 15 lakh 84 thousand 613 people applied for 1 crore 75 lakh 68 thousand 910 shares in the IPO. 4 billion 28 crore 68 lakh 14 thousand 40 rupees have been collected for this purpose.
In this calculation, 9 lakh people will get shares at the rate of 10 shares from eligible applications. 6 Lakh 84 thousand 613 people will not get shares. As there are more applications than the demand for the company’s IPO, according to the Securities Issuance and Allotment Guidelines, the shares will be distributed at a minimum rate of 10 shares through round robin. The company has issued shares to the general public at a face value of Rs 100 per share plus a premium of Rs 144 for a total of Rs 244 per share.
The company got permission to issue 12.5 million shares worth 1.25 billion rupees at the rate of 30% of its issued capital of 3.75 billion rupees. 5 percent of them have already issued 5 lakh 62 thousand 500 shares worth Rs 5 crore 62 lakh 50 thousand at Rs 100 per share for the employees of the company.
Likewise, 10 percent of the remaining 1 billion 687 million 500 thousand rupees equal to 10 million 687 thousand 500 shares i.e. 11 million 25 thousand shares for Nepali citizens who are employed abroad after obtaining labor approval from the relevant agencies of the Government of Nepal and 5 million 62 thousand 500 shares have been issued and distributed for collective investment funds. The remaining 90 million shares were issued to general investors.
In the rating given for the IPO issue, 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.