KATHMANDU, March 6: Crest Micro Life Insurance has opened the sale of its Initial Public Offering (IPO) for the general public starting Thursday. In this second phase, the company has issued 1.845 million shares worth Rs 184.5 million.
Investors can apply for a minimum of 10 shares and a maximum of 100,000 shares at a face value of Rs 100 per share. The IPO will remain open for applications until March 10.
Earlier, the company had already allotted 225,000 shares worth Rs 22.5 million to Nepali migrant workers abroad. Crest Micro Life Insurance obtained approval from the Securities Board of Nepal (SEBON) to issue a total of 2.25 million shares, equivalent to 30 percent of its issued capital of NPR 750 million.
NIMB S Capital is managing the IPO issuance. As of the last fiscal year, the company's earnings per share (EPS) stood at Rs 2.41, with projections estimating it to reach Rs 7.74 this year. The company, which reported a profit of Rs 8.8 million last year, expects to generate a profit of Rs 26.9 million this year.