KATHMANDU, March 18: The Initial Public Offering (IPO) of Crest Micro Life Insurance was allotted on Tuesday.
In the allotment held at the office of Sales Manager NIMB Ace Capital Limited, 184,500 individuals received shares at the rate of 10 units through a lottery system.
A total of 1.965 million people had applied for the IPO, with 10,126 applications being canceled, according to the sales manager. A total of 1.955 million valid applicants participated in the lottery. The company had sold the IPO from March 6 to 10.
The company was granted permission to issue 2.25 million shares, worth Rs 225 million, which is 30 percent of its authorized capital of Rs 750 million, through an IPO.
Out of this, the company issued and distributed 225,000 shares worth Rs 22.5 million for those engaged in foreign employment, which constitutes 10 percent of the total public offering after obtaining labor approval from the relevant body of the Government of Nepal.
In addition, the company has allotted 3 percent i.e. 67,500 shares to its employees and 5 percent i.e. 112,500 shares to mutual investment funds.
Similarly, the IPO of 1.845 million shares, worth Rs 184.5 million, issued to the general public has been distributed today.
Investors can check the IPO results on the website of the sales manager, NIMB Ace Capital Limited and through their Mero Share account. Additionally, the results can also be viewed on the company's website and the CDS and Clearing website.