KATHMANDU, Feb 28: Nepal Micro Insurance Company Limited (NMIC)’s IPO has received applications for 24.54 million shares.
The insurance company opened an IPO of 1.845 shares worth Rs 184.5 million to the general public and applications were received 12.28 times more than the demand.
Nepal Micro Insurance’s IPO receives 6.82 times more applicatio...
According to CDS and Clearing Limited, 1.929 million applicants have applied for the IPO worth Rs 2.45 billion. As the company's IPO was oversubscribed, 1.718 million applicants will be left empty-handed. A total of 184,500 applicants will get the IPO at the rate of 10/10 units.
The company had opened applications to the general public from February 23 to 127 at a face value of Rs 100. The company has already sold 225,000 units of shares worth Rs 22.5 million to Nepali citizens working abroad in the first phase.
The company had received approval from the Securities and Exchange Board of Nepal (SEBON) to issue 2.25 million shares worth Rs 225, equivalent to 30 percent of its issued capital of Rs 750 million. NIMB Ace Capital Limited is serving as the IPO issuance and sales manager.
