Crest Micro Life Insurance to Distribute IPO on Tuesday

Kathmandu – Crest Micro Life Insurance is set to distribute its Initial Public Offering (IPO) on Tuesday (March 18), according to NIMB Ace Capital, the company’s sales manager.

The company’s IPO received overwhelming demand, with applications submitted for 2.48 million shares — far exceeding the 244 million shares on offer. This generated a total collection of NPR 2.44 billion.

Crest Micro Life Insurance had obtained approval to issue 2.25 million IPO shares worth NPR 225 million, representing 30% of its issued capital of NPR 750 million. In the first phase, the company issued 10% (225,000 shares) to Nepali workers. Additionally, 5% (112,500 shares) were allocated for a collective investment fund, and 3% (67,500 shares) were set aside for employees. The remaining 1.845 million shares were offered to the general public.

Following the distribution, 184,500 applicants will receive an average of 10.10 shares each, while 1.864 million applicants will be left empty-handed due to high demand.