Crest Micro Life Insurance Limited has announced that it will open its Initial Public Offering (IPO) from Magh 15, Monday. The company will issue IPO shares specifically targeted at Nepali citizens working abroad. A total of 10 percent of the shares, equivalent to 225,000 units, have been allocated for this group.
Nepali workers abroad can apply for these shares starting from Magh 15, with the application period extending until Magh 29. Interested applicants can apply for a minimum of 10 units and a maximum of 10,000 units.
The company received approval from the Nepal Securities Board (SEBON) to issue 2,250,000 units of IPO shares at a par value of NPR 100 each.
IPO Rating and Management
The IPO has been rated by ICRA Nepal, which assigned the rating “ICRANP Issuer Double B.” This indicates that the company has a moderate level of credit risk when it comes to meeting its financial obligations.
NIMB Ace Capital has been appointed as the issue manager for this IPO. Nepali workers residing abroad can conveniently apply for the shares through C-ASBA-approved banks and financial institutions, as well as the Mero Share platform.
Company Background
Crest Micro Life Insurance Limited received its license for micro-life insurance operations on Chaitra 28, 2079. It was further approved by the Nepal Insurance Authority to commence business operations on Jestha 8, 2080. Subsequently, on Jestha 10, 2080, the company was registered as a public limited company to carry out its operations.
Significance of the IPO
This IPO is a crucial step for Crest Micro Life Insurance to broaden its financial base and engage Nepali workers abroad in the company’s growth. By allocating a portion of the shares specifically for this group, the company aims to provide investment opportunities to those working in foreign employment.
How to Apply
Applicants from the foreign employment sector can use the C-ASBA system, which ensures secure and streamlined applications through designated banks and financial institutions. Additionally, Mero Share, a popular online platform, offers convenience to investors looking to participate in this IPO.
This move by Crest Micro Life Insurance reflects a growing trend among Nepali companies to involve the diaspora in their financial activities, fostering a sense of inclusion and offering lucrative investment opportunities.
Investment Details at a Glance
- IPO Opening Date: Magh 15, 2081
- IPO Closing Date: Magh 29, 2081
- Total Shares Issued: 2,250,000 units
- Shares for Nepali Workers Abroad: 225,000 units
- Par Value Per Share: NPR 100
- Application Range: Minimum 10 units to Maximum 10,000 units
Crest Micro Life Insurance Limited continues to make significant strides in establishing itself as a reliable insurance provider in Nepal’s micro-insurance sector, and this IPO is set to bolster its growth trajectory further.