Crest Micro Life Insurance IPO Allotted, 184,500 Applicants Receive 10 Shares Each

The Initial Public Offering (IPO) of Crest Micro Life Insurance Company Limited was allotted today (March 19). According to the issue manager, NMB Ace Capital, 184,500 applicants have been allotted 10 shares each.

The company had issued 1,845,000 shares worth Rs 184.5 million at Rs 100 per share to the general public from February 22 to February 26. A total of 1,965,811 applications were received, requesting 22,739,650 shares. NMB Ace Capital reported that 10,126 applications were rejected, and the remaining 1,955,685 valid applicants were allotted shares through a lottery system. As a result, 1,771,185 applicants did not receive any shares.

Crest Micro Life Insurance had received approval from the Nepal Securities Board to issue a total of 2,250,000 IPO shares. Of these, 225,000 shares were sold to Nepalis in foreign employment at Rs 100 per share, 67,500 shares were reserved for employees, and 112,500 shares were allocated to mutual funds. The remaining 1,845,000 shares were offered to the general public.

The IPO results can be viewed on the websites of Crest Micro Life Insurance, NMB Ace Capital, and CDS and Clearing’s IPO result portal, as well as through the Mero Share app.

Rating agency ICRA Nepal has assigned an ‘ICRANP Issuer Double B Rating’ to the company’s IPO, indicating a moderate level of risk in its ability to meet financial obligations. This rating was issued on August 23, 2024, and will remain valid until August 21, 2025.