Nepal Reinsurance company closing IPO issue from today; issue already oversubscribed by 2.57 times till yesterday
Fri, Mar 20, 2020 6:54 AM on IPO/FPO News, Stock Market, Latest,
Nepal Re-Insurance Company Limited is closing the issue of 1,60,00,000 units worth Rs 1.6 arba as Initial Public Offering for the general public from today (Chaitra 7, 2076). This IPO issue was open since Chaitra 4, 2076. All the investors are requested to apply before banking hour today.
Out of the offered 1,60,00,000 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 1,51,26,500 units are for the general public.
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 2,93,260 applications applying for a total of 38,906,790 units of shares till 5:30 PM yesterday. The issue has been oversubscribed by 2.57 times in a period of three days.
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.
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