Final Day to Apply for the IPO Opened by Nepal Micro Insurance for Nepalis in Foreign Employment

Kathmandu, Bhadra 22. Today, Bhadra 22 is the last day to apply for the IPO opened by Nepal Micro Insurance for Nepalis in foreign employment. Applications must be submitted within banking hours today.

The company started the IPO for Nepalis in foreign employment from Bhadra 8.

Applicants will need to apply for a minimum of 10 shares in the IPO, and they can apply for up to a maximum of 100,000 shares. The IPO's issue manager is NIMB S Capital.

The company is allowed to issue 2,250,000 shares at a value of NPR 225 million, which is 30% of its issued capital of NPR 750 million. Out of this, 10% equivalent to NPR 22.5 million, or 225,000 shares, has been allocated for Nepalis in foreign employment with the approval from the relevant authority of the Government of Nepal.

The company has allocated 67,500 shares, which is 3%, for employees, and 112,500 shares, which is 5%, have been reserved. The remaining shares, equivalent to NPR 184.5 million or 1,845,000 shares, will be issued for the general public.

According to CDSC, by 5 PM on Sunday, Bhadra 21, 50,230 applicants had applied for 1,620,000 shares in the IPO of Nepal Micro Insurance. This has been oversubscribed by 7.11 times the demand.

Due to the excess applications, the IPO will also be distributed via a lottery, whereby lucky applicants will receive 10 shares each.

Nepalis in foreign employment can apply through all licensed member banks and financial institutions with approval from the Securities Board of Nepal, their designated branch offices, and using the CDSC's software 'My Shares' through the C-ASBA system.

In the rating conducted for the IPO issuance, Care Ratings Nepal assigned the company a CARE NP BB- issuer rating, indicating a medium risk in the company's capacity to fulfill its obligations.