Listing Agreement Between NEPSE and IME Life Insurance Finalized; Units Freely Tradable from Coming Sunday

The agreement for the listing of Initial Public Offering (IPO) shares of IME Life Insurance Company Limited (ILI) has been finalized with the Nepal Stock Exchange (NEPSE) today.

As per the agreement 4 crore unit shares of Rs. 100 face value each of the life insurance company will be listed in the stock Exchange.

Civil Capital Market Limited is the issue and sales manager of the IPO issuance.

Similarly, it has been learnt that symbol 'ILI' has been given for the listed shares of the company.

The agreement was finalized today and the shares of the company will become freely tradable from coming Sunday, i.e.,Shrawan 21, 2080.

Since, it will be traded from next working day i.e. 6th August, it has taken 19 days, for listing after IPO allotment to the general public as the allotment had been completed on Ashad 30, 2080.

The issued capital of the life insurance company is Rs. 4 Arba of which 30% i.e. 1,20,00,000 unit shares are for the public (Nepalese citizens working abroad and the general public). Out of this total issue, 10% i.e. 12,00,000 unit shares were issued to the Nepalese citizens working abroad, whereas 5% i.e 600,000 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 600,000 units have been set aside for the mutual funds. The remaining 96,00,000 units are for the general public.

The shares were issued for Rs. 236.91 per share (Rs 100 face value + Rs 136.91 premium price) to the general public and for the employees of the company at a par value of Rs. 100.