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IPO of Sanima Life Insurance Oversubscribed 5.55 Times

Sanima Life Insurance Company Limited has opened the IPO issue for 60,00,000 units of ordinary shares from Shrawan 20, 2078. The issue will close on Shrawan 24 since it was oversubscribed on the first day itself.

Out of offered 6,000,000 units; 5% of the issued capital i.e., 300,000 units have been allotted for the employees of the company and 5% for mutual funds. The remaining 5,400,000 units are for the general public.

Applications can be placed for a minimum of 10 units and a maximum of 30,000 units. Prabhu Capital Limited has been appointed as the issue manager for the IPO issuance. According to the issue manager, 19,18,557 applicants have applied for a total of 2,99,83,620 units. This is the data as of 3: 30 pm today. Thus, the issue is oversubscribed 5.55 times on the third day.

The paid-up capital will reach Rs. 2 Arba after the issuance of the public shares. After the IPO issue, public holding will be 30% and promoters holding will be 70%.

Care Ratings Nepal (CRNL) has assigned a ‘CARE-NP BBB- (Is)’ rating to Sanima Life Insurance Limited. Issuers with this rating are considered to offer a moderate degree of safety regarding the timely servicing of financial obligations in Nepal. Such issuers carry moderate credit risk.

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