Kathmandu: The Security Exchange Board of Nepal (SEBON) issued a nod to two more life insurers for IPOs at premium prices. Sun Nepal Life Insurance and Citizens Life Insurance have received approval from the security exchange regulator.
According to the notice published by SEBON, Sun Nepal Life is allowed to issue IPOs at NPR 239 per share including NPR 139 premium. Similarly, Citizen Life Insurance too received approval to issue IPOs at NPR 244 per share including NPR 144 premium.
Sun Nepal Life will issue a total of 9.12 million stocks at a premium value to the public and 4,80,000 stocks to employees at par value. The life insurer has a paid-up capital of NPR 2.24 billion. After the full subscription of the proposed IPO, the paid-up capital will reach NPR 3.2 billion.
Citizen Life Insurance will issue 12.5 million stocks. The life insurer has a paid-up capital of NPR 2.625 billion. After the full subscription of the proposed IPO, the paid-up capital will reach NPR 3.75 billion. The life insurer will need an additional NPR 1.25 billion equity capital to achieve the target for the minimum required capital. It will collect a total of NPR1.62 billion through share premiums.
Reliable Nepal Life Insurance and IME Life Insurance have already received approval to issue IPOs at a premium price.