Kathmandu: IME Life Insurance is set to bring initial public offerings (IPOs) from 1st Asar 2080 onwards. The life insurer has received the nod from the Security Exchange Board of Nepal (SEBON) to issue IPOs at a premium.
The insurer announced that IPOs applications will be opened for 1-15 Asar 2080 for the ex-pat Nepalese workers. Similarly, the IPOs will be open from 20 Asar to 24 Asar 2080 for the public.
The par value of the stock is set to NPR 236.91 including NPR 136.91 premium. The face value of the IPOs is NPR 100 only. A total of 1,20,00,000 shares are offered for the IPOs.
With the full subscription of the proposed IPOs, the insurer’s paid-up capital will reach NPR 4 billion. It will need another NPR 1 billion to meet the minimum paid-up capital as specified by the Nepal Insurance Authority.
The insurer will be the first company to issue IPOs at a premium in the history of the Nepalese insurance industry.
IME Group is the major promoter behind IME Life.