Kathmandu: Private sector reinsurer, Himalayan Reinsurance Company mulls to add equity funds through initial public offerings(IPOs). It has submitted an application to the Security Exchange Board of Nepal to issue an IPOs.
The reinsurer plans to issue 30 million IPOs to raise a total of NPR 3 billion equity capital. The proposed price per stock is NPR 208 including NPR 108 as a premium The recent amendments made to the SEBON bylaws paved the way for the reinsurer to raise additional funds through the issue of IPOs at a premium price.
Once the reinsurer gets a nod from the SEBON, it will collect a total of NPR 6.24 billion from the full subscription of the IPO. Rating agency Care Ratings Nepal has assigned a rating of CareNP (IR) A- for the proposed issue.