The IPO allotment of Sanima Life Insurance Company Limited is concluded today at the Corporate office of Sanima Life Insurance at Durbarmarg.
Sanima Life Insurance Company Limited had issued 60,00,000 units worth Rs 60 crore as Initial Public Offering to the general public from (Shrawan 20-24, 2078).
Out of the offered 60,00,000 units; 5% of the total offered shares to the general public i.e. 3,00,000 units have been allocated for the employees of the company and 5% of the total offered shares to the general public i.e. 3,00,000 units have been set aside for the mutual funds. The remaining 54,00,000 units are for the general public.
The issue had received applications from 23,08,122 valid applicants who had applied for a total of 3,42,79,620 units. The issue was oversubscribed more than 6.33 times.
As per the allotment module, a total of 5,40,000 applicants were allotted 10 units each via lottery, and the remaining 17,68,122 applicants were returned empty hands.
A total of 3,00,000 units were allotted to the staff of the company and 3,00,000 units were allotted to the mutual funds.
In total 5,434 applicants who applied for 74,600 units were disqualified.
Prabhu Capital Limited is the issue manager for this IPO issue.
After the issuance of 60,00,000 units worth Rs 60 crore IPO shares the general public i.e 30% of total capital which will together raise its paid-up capital to Rs 2.15 Arba and the promoter/public ratio will be 70:30.
Care Ratings Nepal (CRNL) has assigned ‘CARE-NP BBB- (Is)’ rating to Sanima Life Insurance Limited (SLIL). Issuers with this rating are considered to offer moderate degree of safety regarding timely servicing of financial obligations, in Nepal. Such issuers carry moderate credit risk.
Sanima Life Insurance Company Limited was incorporated under the Companies Act, 2063 on 2064/08/13. Beema Samiti assigned the operating license to the company on 2074/05/07 as per Sub-clause 3 of Clause 10 of Insurance Act, 2049 and Sub-rule 1 of Rule 8 of Insurance Regulations, 2049 to conduct the business of Life Insurance and the company started its commercial operations on 2074/08/22. Promoted by Non-Residents Nepalese (NRN), who have an investment in Finance, Banking, Hydropower, and Tourism, etc in Nepal, Sanima Life Insurance aims to be a trusted name in the Life Insurance Sector of Nepal. Sanima Bank is the major promoter of Sanima Life Insurance Limited.