The microinsurer earned net profits of Rs 12.65 million, while its EPS stood at Rs 2.41 last FY
KATHMANDU, Jan 27: Crest Micro Life Insurance (CMLI) Limited is issuing 225,000 units of its initial public offerings (IPO) worth Rs 225 million for the Nepali migrant workers from Tuesday.
In the announcement letter issued by the CMLI on January 20, the microinsurer has stated that the subscription of its IPOs will remain open until February 11. The company has planned to float 30 percent of its issued capital worth Rs 750 million to the general public.
Crest Micro Life Insurance and Om Megashree Pharmaceuticals per...
In the first phase, the CMLI is issuing 10 percent of the total IPO proposed at the rate of Rs 100 per unit for the migrant workers who have received work permits from the government as well as to the employees of the microfinance and mutual funds.
The CMLI has appointed NIMB Ace Capital Limited as the issue manager for its IPO issuance. The company has received an issuer credit rating of [ICRANP-IR] BB (ICRA NP Issuer Rating double B), which reflects a moderate risk of default in meeting financial obligations on time. The credit rating serves as the general credit worthiness of the entity and does not pertain to any specific debt instrument.
The CMLI was licensed by the Insurance Board in April 2023. As of mid-July 2024, the company had a paid-up capital of Rs 525 million, with major shareholders including Himalayan Reinsurance Limited (21.43 percent) and Metro Capital Pvt. Ltd. (16.62 percent).
The insurer reported net profits of Rs 4.50 million in fiscal year 2022/23 and Rs 12.65 million in FY 2023/24. The company is projected to earn a net profit of Rs 58.07 million in the current fiscal year.
As of the last FY, the total networth of the CMLI stood at Rs 542,149. Its earning per share was Rs 2.41, which is projected to grow to Rs 7.74 in the current FY.
The microinsurance has its head office in Birendranagar Municipality-6, Surkhet. In addition, it operates a provincial office in Lalitpur district, while 21 branch offices across the country.
