KATHMANDU, Jan 20: Crest Micro Life Insurance is set to issue its IPO starting from January 28. In the first phase, the insurance company will issue shares for those who are engaged in foreign employment.
The company has allocated 225,000 shares, worth Rs 22.5 million, for those engaged in foreign employment, which constitutes 10 percent of the total public offering.
Two companies granted permission to issue ordinary shares
Individuals working abroad can apply for a minimum of 10 shares and a maximum of 10,000 shares until February 11.
The company will issue 2.25 million shares, worth Rs 22.5 million, which is 30 percent of the total issued capital of Rs 750 million of the company. After distributing the IPO shares to those in foreign employment, the company will sell the remaining shares to the general public in the second phase.
Crest received approval from the Securities Board of Nepal (SEBON) last week for the IPO issuance. The share issuance and sales manager for the company is NIMB Capital Limited.
