KATHMANDU, Jan 10: Nepal Micro Insurance Company (NMIC) has received permission to issue an IPO. On Thursday, the Securities Board of Nepal (SEBON) approved the issuance of an IPO of NMIC.
Santosh Narayan Shrestha, who was appointed as the SEBON Chairman a month and a half ago, has moved forward with the IPO at face value. The insurance company is issuing an IPO of 2.250 million shares worth Rs 225 million at a face value of Rs 100 per share.
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NIMB Ace Capital Limited is the IPO issue and sales manager of the company. The Nepal Insurance Authority (NIA) granted a license to the micro insurance company in 2079 BS and the company started business last year. The NIA has fixed the paid-up capital of micro insurance at Rs 750 million. The company is about to open an IPO according to the provision that 30 percent of the paid-up capital should be sold to the general public.
