IPO of Sanima Life Insurance Closes With Record Breaking 24,19,127 Applicants

Sanima Life Insurance Company Limited has closed its IPO issue today. The company opened the IPO issue for 60,00,000 units of ordinary shares from Shrawan 20, 2078. The issue closed today, i.e. on Shrawan 24, at the end of banking hours.

Out of offered 6,000,000 units; 5% of the issued capital i.e., 300,000 units were allocated for the employees of the company and 5% for mutual funds. The remaining 5,400,000 units were for the general public.

Prabhu Capital Limited has been appointed as the issue manager for the IPO issuance. According to the issue manager, 24,19,127 applicants have applied for a total of 3,69,43,440 units. This is the data after the issue closed today. Thus, the issue is oversubscribed 6.84 times.

The paid-up capital will reach Rs. 2 Arba after the issuance of the public shares. After the IPO issue, public holding will be 30% and promoters holding will be 70%.

Care Ratings Nepal (CRNL) has assigned a ‘CARE-NP BBB- (Is)’ rating to Sanima Life Insurance Limited. Issuers with this rating are considered to offer a moderate degree of safety regarding the timely servicing of financial obligations in Nepal. Such issuers carry moderate credit risk.