As per RBB Capital, issue manager of the company, the IPO was fully subscribed by the midnight of March 17.
Till 12.45 PM of March 18, a total of 144,145 applicants applied for 18,364,430 units of primary shares which is oversubscribed by 21 percent.
Nepal Reinsurance Company is issuing IPO worth Rs 1.6 billion from March 17. The company is issuing 16 million units of primary shares at a face value of Rs 100.
The company is issuing 16 percent in primary shares of its total capital of Rs 10 billion. Out of the total offered shares, the company allotted 73,500 units of shares to employees and 800,000 units to mutual funds. The general public can apply for the remaining 15,126,500 units of shares.
The interested investors can apply for a minimum of 10 and maximum of 10,000 units of shares. The issue will close early on March 20 and lately on March 31. The company has appointed RBB Merchant Banking as its issue manager. The interested investors can apply for all ASBA approved BFIs and through meroshare software.
ICRA Nepal has assigned Grade 2 rating to the IPO indicating above average fundamentals.
The company has authorized capital of Rs 12 billion, issued capital of Rs 10 billion and paid-up capital of Rs 8.40 billion. After the IPO issuance, the paid-up capital will reach Rs 10 billion.
Securities Board of Nepal (SEBON) approved the IPO on February 16.
