Securities Exchange Board of Nepal (SEBON) has approved the proposed IPO of Reliance Life Insurance Company Limited. The life insurance company is looking to raise a capital worth Rs 63 Crore through the issue of 63,00,000 units of shares at par value of Rs.100 per share. The total capital after the IPO will be Rs 2.10 Arba and the promoter/public ratio will be 70:30.
Sanima Capital Limited has been appointed as the issue manager for the proposed IPO issuance.
ICRA Nepal has assigned a grading of [ICRANP] IPO Grade 4, indicating below-average fundamentals, to the proposed initial public offering (IPO) of NPR 630 million of Reliance Life Insurance Limited (RLIL).
Earlier, the Insurance board gave operating license to 10 Life insurance companies. Out of this Reliance Life set to become first company to issue IPO to the general public.
There are 19 life insurance companies in Nepal, out of this only 7 are listed in the NEPSE for trading purpose.