Massive response received by IPO of Nepal Reinsurance Company; issue oversubscribed by 1.57 times in two days

Wed, Mar 18, 2020 5:24 PM on IPO/FPO News,
Massive re...

Nepal Re-Insurance Company Limited is issuing 1,60,00,000 units worth Rs.1.6 Arba as Initial Public Offering for the general public from Chaitra 4, 2076. The early closing date of this issue is on Chaitra 7 which can be extended up to Chaitra 18, 2076.

RBB Merchant Banking Limited has been appointed as the issue manager for the IPO issuance. As per the issue manager, the issue has received massive 182,173 applications applying for a total of 23,779,930 units of shares till 5 PM today. The issue has been oversubscribed by 1.57 times in a period of two days.

Out of the offered 16,000,000 units; 73,500 units have been set-aside for the employees of the company and 5% of total offered share to general public i.e. 80,000 units have been set-aside for the mutual funds. The remaining 15,126,500 units are for the general public.

Applications can be place for minimum 10 units and maximum 10,000 units.

ICRA Nepal Limited has assigned a [ICRANP] IPO Grade 2 to the Rs.1.60 Arba Initial Public Offer of Nepal Re-Insurance Company Limited. Instruments with this grading are considered to have above-average fundamentals. The approved units is 16% of the total paid up capital of the company.