Kathmandu: IME Life Insurance has received the nod from the Security Exchange Board of Nepal to issue initial public offerings(IPOs) at a premium. According to the notice published on the official website of SEBON, IME Life is allowed to issue IPOs at NPR 236.91 including NPR 136.91 premium.
IME Life will issue 12 million IPOs to raise 30 percent of paid-up capital from the public. Out of the total proposed stock for IPOs, 6,00,000 stocks have been allocated for the employees of IME Life. The promoter-to-public shareholding ratio will be 70:30 after the full subscription of the proposed IPO. Its paid-up capital will reach NPR 4 billion. The insurer will need an additional NPR 1 billion to meet the regulatory requirements for minimum paid-up capital.
IME Group is the major promoter behind IME Life Insurance.