Nepal Reinsurance Company IPO get huge public response; More than 4 lakh investors applied till last day

Sat, Mar 21, 2020 8:26 AM on IPO/FPO News, NEPSE News, Stock Market,
Nepal Rein...

Nepal Re-Insurance Company Limited has issued 1,60,00,000 units worth Rs.1.6 Arba as Initial Public Offering for the general public from Chaitra 4-7, 2076.

RBB Merchant Banking Limited is the issue manager for the IPO issuance. As per the issue manager, the issue has received massive 409,601 applications applying for a total of 5,57,23,480 units of shares till last day. The issue has been oversubscribed by 3.68 times in a period of four 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.