KATHMANDU, Feb 12: Nepal Micro Insurance Company Limited (NMIC) is going to issue an Initial Public Offering (IPO) starting on February 23.
The company, which has already issued and distributed the IPO for Nepali citizens working abroad, will now offer it to the general public from February 23.
The company had received permission to issue 2.25 million shares worth Rs 225 million rupees, equivalent to 30 percent of its issued capital of Rs 750 million.
Out of this, 225,000 shares worth Rs 225 million, equivalent to 10 percent, were issued to Nepalis employed abroad, while 67,500 shares were allocated to employees and 112,500 shares were distributed to mutual funds.
In the second phase, the company is set to issue 1.845 million shares, worth Rs 184.5 million, for the general public.
Investors can submit their applications for the IPO until February 27. If all the shares are not subscribed by that date, the issuance period will be extended until March 9.
For the IPO, investors must apply for a minimum of 10 shares, and a maximum of up to 100,000 units.
NIMB Ace Capital Limited is serving as the IPO issuance and sales manager. All ASBA member banks and financial institutions and their designated branch offices which have received approval from the Nepal Securities Board and the software 'Mero Share' developed by CDS and Clearing can apply online through the C-ASBA system.