Crest Micro Life Insurance Distributes First Phase of IPO to Nepalese Abroad

Kathmandu – Crest Micro Life Insurance Limited has distributed the first phase of its initial public offering (IPO) to Nepalese working abroad on February 17.

The company had opened the IPO sale from January 28 to February 11, during which 47,516 applicants participated. Out of these, 22,500 applicants received 10 shares each through the allotment process.

Crest Micro Life Insurance had received approval from Securities Board of Nepal to issue an IPO representing 30 percent of its issued capital of Rs 750 million, amounting to 2.25 million shares. In the first phase, 10 percent of the total shares (2,25,000 shares) were allocated and distributed to Nepalese employed overseas.

Following the completion of the first phase, the company is now preparing to issue IPO shares to the general public in the second phase. NIMB Ace Capital Limited is the issue and sales manager for Crest Micro Life Insurance’s IPO.