After completing the first phase of its IPO for Nepalese working abroad, the Nepal Micro Insurance IPO result of the second phase will be issued to the general public on 23rd Falgun, 2081. The event will take place at the office of the issue manager, NIMB Ace Capital Limited, in Lazimpat, Kathmandu.
You can check the IPO result in two ways:
Key Highlights of the IPO
- IPO allotment on 23rd Falgun, 2081, at NIMB Ace Capital Limited, Lazimpat.
- 18,45,000 units issued to the general public at Rs. 100 per share.
- 19,02,984 applicants applied for shares, with only 1,84,500 successful.
- CARE Ratings Nepal assigned an issuer rating of ‘CARE-NP BB—(Is)’, indicating moderate risk.
- NMIC specializes in micro non-life insurance with a strong financial base.
IPO Allocation Breakdown
The company issued a total of 22,50,000 units of shares, which were allocated as follows:
- Nepalese Citizens Working Abroad: 10% (2,25,000 units).
- Company Employees: 3% (67,500 units).
- Mutual Funds: 5% (1,12,500 units).
- General Public: 18,45,000 units (at a par value of Rs. 100 per share).
Application Statistics
According to the Central Depository System and Clearing Limited (CDSC), 19,02,984 applicants applied for 2,45,04,310 units worth Rs. 2.45 Arba. Which means the IPO is oversubscribed, where only 1,84,500 lucky applicants will be allotted the IPO shares.
CARE Ratings Nepal’s Issuer Rating
CARE Ratings Nepal Limited (CRNL) has assigned Nepal Micro Insurance Limited an issuer rating of ‘CARE-NP BB—(Is)’. This rating indicates a moderate risk of default in meeting financial obligations on time within Nepal.
About Nepal Micro Insurance Company Limited (NMIC)
Nepal Micro Insurance Company Limited (NMIC) was established on Bhadra 8, 2079, under the Company Act 2063 and Insurance Act 2079/80. It is Nepal’s first non-life microinsurance company with an operating license. NMIC aims to make insurance accessible to rural communities by offering affordable and simplified coverage. The company officially started operations on May 14, 2023, with its registered office in Bharatpur-1, Chitwan, and a provincial office in Gairidhara, Kathmandu. As of mid-July 2024, it has a paid-up capital of Rs. 525 million, ensuring financial stability to expand its services. NMIC offers a range of micro non-life insurance products, including:
- Motor insurance.
- Property insurance.
- Burglary insurance.
- Accident insurance.