Last Day to Apply for Sun Nepal Life Insurance's IPO for General Public

Sun Nepal Life Insurance Company Limited had opened the issue of 76,80,000 unit shares to the general public from 32nd Shrawan, 2080. The early closing date of this issue is today, i.e. 4th Bhadra. 

According to CDS and Clearing Limited (CDSC) as of yesterday evening, a total of 12,21,142 applications have been received for 1,39,53,890 unit shares amounting to Rs. 3.3349 Arba.

The issued capital of the life insurance company is Rs. 3.2 Arba of which 30% i.e. 96,00,000 unit shares are for the public (Nepalese citizens working abroad and the general public). Out of this total issue, 10% i.e. 960,000 unit shares were issued to Nepalese citizens working abroad from 1st Shrawan to 15th Shrawan. The remaining 86,40,000 units are to be issued to the general public (including employees of the company and mutual funds) from the mentioned date above.

Out of the total 86,40,000 units; 5% i.e. 480,000 units have been set aside for the mutual funds while 5% or 480,000 units have been set aside for the employees of the company (at the rate of Rs. 100 per share). The remaining 76,80,000 units are for the general public.

The shares has been issued for Rs. 239 per share (Rs 100 face value + Rs 139 premium price) to the general public.

Nepal SBI Merchant Banking has been appointed as the issue manager. The IPO issue will raise a total of Rs. 2.22 Arba for the company. Out of this Rs 1.26 Arba will be the premium amount and the rest would add to the paid-up capital.