KATHMANDU, Feb 25: Nepal Micro Insurance Company Limited (NMIC) is currently opening its IPO to the general public from Sunday. The company has received 6.82 times more applications than the demand.
The company’s IPO has received applications for 12.596 shares worth Rs 1.259 billion by the second day. According to CDS and Clearing Limited, 965,221 individuals have applied till 5 pm on Monday.
The company issued the IPO to the general public after issuing and distributing shares to Nepali citizens working abroad, company employees and mutual investment funds.
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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.
Out of this, 225,000 units of shares worth Rs 22.5 million, which is 10 percent of the total, have already been issued for Nepali citizens working abroad. Similarly, 67,500 shares have been issued for employees and 112,500 shares have been distributed to mutual investment funds.
The company has issued the sale of 1.845 million shares, worth Rs 184.5 million for the public from Sunday. Investors can apply for a minimum of 10 to a maximum of 100,000 units at a face value of Rs 100.
The company has stated that applications for the IPO can be submitted until February 27. If applications for all the units are not received within that period, the issuance period will be extended until March 9.
NIMB Ace Capital Limited is serving as the IPO issuance and sales manager.
