Crest Micro Life Insurance Limited has opened its first phase of Initial Public Offering (IPO) exclusively for Nepalese citizens working abroad. The IPO, which started on 15th Magh 2081, will remain open until 29th Magh 2081. The company has decided not to extend the IPO application deadline beyond this period. The IPO is being managed by NIMB Ace Capital Limited.
Key Details of the IPO
- Issued Capital:
Crest Micro Life Insurance has a total issued capital of Rs. 75 Crores. - Public Allocation:
- A total of 22,50,000 unit shares (30% of the issued capital), valued at Rs. 22.50 Crores, are being issued for the general public.
- Of this allocation, 10% (2,25,000 unit shares) has been reserved for Nepalese citizens working abroad.
- Application Limits:
- Minimum application: 10 units.
- Maximum application: 10,000 units.
ICRA Ratings
Crest Micro Life Insurance has received an issuer rating of [ICRANP-IR] BB from ICRA Nepal. This rating indicates a moderate risk of default in the timely servicing of financial obligations. It reflects the company’s overall creditworthiness rather than being tied to any specific debt instrument.
Company Profile
Crest Micro Life Insurance is a public limited company licensed by the Insurance Board in April 2023. The company operates from its head office in Surkhet and has a registered office in Sanepa, Lalitpur.
- Financial Growth:
- As of mid-July 2023, the company reported a profit of NPR 4.50 million, supported by a total asset base of ~NPR 546 million.
- By mid-July 2024, the profit had increased to ~NPR 11 million, with the total asset base reaching ~NPR 611 million.
- Key Shareholders:
Crest’s significant shareholders include:- Himalayan Reinsurance Limited: 21.43%.
- Metro Capital Pvt. Ltd.: 16.62%.
- Mr. Kishan Lal Dugar: 6.67%.
- K.R.S Investment Pvt. Ltd.: 6.67%.
- Ms. Sangeeta Devi More: 3.97%.
- Mr. Anupam Rathi: 3.33%.
Investor Opportunity
The IPO provides Nepalese citizens working abroad a unique opportunity to invest in Crest Micro Life Insurance and become a part of its growth journey. The proceeds from the IPO will strengthen the company’s financial base and enable it to expand its insurance services across Nepal.
Interested investors are encouraged to apply before the deadline. For more details about the IPO and the company’s financials, individuals can refer to Crest’s official website or contact NIMB Ace Capital Limited.