IPO of IME Life Insurance Company Added in SEBON Pipeline; Company to Issue IPO at Premium Price

Tue, Mar 14, 2023 4:48 PM on IPO/FPO News, Latest,

The Initial Public Offering (IPO) of IME Life Insurance Company Limited has been added to SEBON’s IPO pipeline for approval.

The company is seeking to issue 12 Million unit shares to the general public at a price of Rs. 276 per share (Rs 100 face value + Rs 176 premium price). The IPO issue will raise a total of Rs. 3.312 Billion for the company.

Civil Capital Market has been appointed as the issue manager for the IPO issuance. The application was sent to SEBON on Falgun 28, 2079.

The share capital of the company as of the second quarter report of Fiscal Year 2079/80 is Rs. 2.8 Arba. The paid-up capital of the company will reach Rs. 4 Billion after IPO issuance.

IME Life Insurance Company Limited is a life insurance company registered at Office of Company Registrar under the Company Act 2006 on October 1, 2008, and obtained a license from Insurance Board on July 4, 2017. The company had an asset base of Rs. 5,281 Million as on July 15, 2021. The capital structure of the company comprises an authorized capital of Rs. 2 Billion out of which Rs. 1.40 Billion is paid-up capital from the promoter groups.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the rating of ‘CARE-NP BBB (Is)’ assigned to IME Life Insurance Company Limited. Issuers with this rating are considered to have a moderate degree of safety regarding the timely servicing of financial obligations, in Nepal.