The Securities Board of Nepal has approved the IPO proposals of Sanima Life Insurance Limited and Manushi Laghubitta Bittiya Sanstha Limited. Mr. Rupesh KC from the Regulation Department confirmed the regulator gave approval to the IPO issues on Ashar 31. However, the approval notice hasn't been unveiled on the regulator's official site for technical reasons.
Sanima Life Insurance submitted its application to issue 60,00,000 shares via an IPO. The application was submitted on Jestha 09. Prabhu Capital was appointed the issue manager for the IPO issue. The board has now approved the proposal.
Sanima Life Insurance Limited was incorporated under the Companies Act, 2063 on 2064/08/13. Beema Samiti assigned the operating license to the company on 2074/05/07 as per Sub-clause 3 of Clause 10 of Insurance Act, 2049 and Sub-rule 1 of Rule 8 of Insurance Regulations, 2049 to conduct the business of Life Insurance and the company started its commercial operations on 2074/08/22. Promoted by Non-Residents Nepalese (NRN), who have an investment in Finance, Banking, Hydropower, and Tourism, etc in Nepal, Sanima Life Insurance aims to be a trusted name in the Life Insurance Sector of Nepal. Sanima Bank is the major promoter of Sanima Life Insurance Limited.
The authorized capital of the company is NRs 300 crore and the Issued and Paid-up Capital is NRs 140 crore. As per the regulatory provision, Sanima Life will issue an IPO of NPR 60 crore, after which paid-up capital will be 200 crores. 70% of issued capital has been subscribed by the promoters and 30% of the issued capital will be allotted to the public through IPO as per regulation in this regard.
Sanima Life Insurance Limited has posted a net profit of Rs 93.68 million during the 3rd quarter of the fiscal year 2077/78.
Manushi Laghubittta Bittiya Sanstha Limited has also received the regulator's approval to issue an IPO. The microfinance company had previously sent an application to SEBON to issue its IPO.
3,93,750 unit shares will be issued. Nepal SBI Merchant Bank is the issue manager.
Manushi Microfinance is registered under the company act and got the D class bank license from Nepal Rastra Bank on Ashoj 25, 2075 B.S.