Kathmandu: Sun Nepal Life Insurance Company submitted an application to the Securities Board of Nepal(SEBON) for initial public offerings (IPOs) issuance with a premium of Rs. 150.55. The company mulls issuing 96,00,000 IPOs at Rs. 250.55 per share.
Nepal Insurance Authority has already given nod to four insurers including Sun Nepal Life to submit an application to SEBON for IPOs at a premium.
The insurer aims to collect a total of Rs. 2.4 billion including Rs 1.44 billion premium. Sun Nepal has paid up capital of Rs. 2.24 billion at present. After the IPOs, the paid-up capital will reach Rs. 3.2 billion. The insurer will need an additional Rs. 1.80 billion to meet the minimum paid-up capital as per regulatory provision.
Reliable Nepal Life, Citizen Life, and IME Life insurance companies are also in preparation to apply to SEBON for permission to issue IPOs at a premium.