KATHMANDU, Jan 7: Guardian Micro Life Insurance's IPO has received 9.51 times more applications than the demand.
The insurance company has opened the IPO sale of 1.845 million shares for the general public, and applications for 17.559 million shares have been received till 10 am on Tuesday.
According to CDS and Clearing Limited, an IPO worth Rs 1.7579 billion has been requested from 1.299 million applications. The deadline for investors to apply for the insurance IPO is up to tomorrow (Wednesday).
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The company has opened 1.845 million shares worth Rs 184.5 million for the general investors in the second phase.
Investors can apply at a face value of Rs 100 per share. The application should be for a minimum 10 shares and a maximum of 1,000 shares.
In the first phase, the company had already sold IPOs to foreign workers, collective investment funds, and employees.
The insurance company has distributed 225,000 shares worth Rs 22.5 million, which accounts for 10 percent of the total public offering, to foreign workers and it has allocated 112,500 shares worth Rs 11.25 million to collective investment funds.
Meanwhile, 67,500 shares, worth Rs 6.75 million which represents 3 percent of the total public offering, have been reserved for the employees of the company.
The company, which received its license from the Nepal Insurance Authority in the fiscal year 2079 BS, is expanding its business. The company earned a profit of Rs 2.75 million last year. The projected profit for the current year is Rs 8.41 million.
The company’s earnings per share (EPS) is Rs 0.25, and the net worth per share is Rs 100.59.
