KATHMANDU, Jan 12: Nepal Micro Insurance will launch its initial public offering (IPO) for Nepali migrant workers starting on January 21.
The company plans to issue 225,000 units of IPO in the first phase, representing 10 percent of the total issue. The remaining 1,845,000 units will be made available to the general public in the second phase. Nepal Micro Insurance has announced that migrant workers can apply for between 10 and 100,000 units at a face value of Rs 100, with the application deadline set for February 4.
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The IPO will also allocate 3 percent shares for the employees and 5 percent for mutual funds.
The total offering consists of 2.25 million units, valued at Rs 225 million, which represents 30 percent of the company’s issued capital of Rs 750 million.
NIMB S Capital is serving as the IPO issuance and sales manager. Nepal Micro Insurance, which began operations last year, was granted a microinsurance license by the Nepal Insurance Authority in 2079 BS.
