Sanima General Insurance Limited issuing 30 lakh units IPO share to general public from Ashwin 21

Sanima General Insurance Limited will be issuing 30,00,000 units worth Rs 30 crore as Initial Public Offering to the general public from (Ashwin 21-25, 2077). The early closing date of this issue is on Ashwin 25 and if the issue is not fully subscribed till Ashwin 25, then it can be extended up to Kartik 6, 2077.

Out of the offered 30,00,000 units; 4% of the total offered shares to the general public i.e. 1,20,000 units have been set aside for the employees of the company and 5% of the total offered shares to the general public i.e. 1,50,000 units have been set aside for the mutual funds. The remaining 27,30,000 units are for the general public.

NIC Asia Capital Limited has been appointed as the issue manager for the IPO issuance.

Applications can be placed for a minimum of 10 units and a maximum of 1,000 units. 

After the issuance of 30,00,000 units worth Rs 30 crore IPO shares the general public i.e 30% of total capital which will together raise its paid-up capital to Rs 1 arba and the promoter/public ratio will be 70:30. 

Sanima General Insurance's profit has increased by 53.41% to Rs. 5.56 crores in the fourth quarter of FY 2076/77. 

CRNL has assigned the ‘CARE-NP BB+  (Is)’ rating to Sanima  General  Insurance  Limited  (SGIC). Issuers with this rating are considered to offer a moderate risk of default regarding timely servicing of financial obligations, in Nepal.

Sanima  General Insurance Limited (SGIC) is a general (non-life) insurance company. The company has started its operation on July  11,  2018.  The company has been offering a  range of general insurance covers for businesses & individuals and has a comprehensive range of general insurance products for Fire, Marine,  Motor,  Engineering,  Miscellaneous and  Agriculture, etc.  SGIC  is promoted by  Sanima  Group, which is promoted by a  group of Non-Resident Nepalese (NRN). Sanima  Group has investments across different sectors including Commercial   Bank,   Life   Insurance   Company,   Merchant   Banking, and hydropower companies. SGIC  has a network of  18  branches  (including head office),  10  sub-branches supported by  93  employees, and  208  insurance agents as of Mid-January  2020.  SGIC  has an asset base of  Rs.  877  Mn as on  July  16, 2019, which witnessed 20.65% growth over FY18. The capital structure of the company comprises of Rs. 700Mn as paid-up capital from the promoter group and the  Rs. 300 Mn is proposed to be issued to the public through IPO.

Click here for IPO Offer Letter: