Kathmandu: Union Life Insurance Company is going to issue IPO from July 8. The issue will be remained open till July 12. The company plans to complete the distribution within this 16 July if the IPO is fully subscribed in the first phase.
General investors will be able to apply for a minimum of 10 lots and a maximum of 32,250 lots. The company is to sell 30 percent of its issued capital of Rs. 2.15 billion to the public. Of the 30 percent, 5 percent is reserved for employees and 5 percent for mutual funds.
Out of the Rs. 645 million, general public can apply for group Rs. 585 million.
Prabhu Capital is the manager of the issuance and sale of the IPO. Due to the activism of Capital, it has succeeded in getting permission from the Nepal Securities Board within a month of starting the process.
The company has received an ‘ICRNP IR Triple B’ rating for IPO issuance. According to rating agency ICRA Nepal, the rating indicates that the investment in the company’s primary shares has a moderate level of security.