Ajod Insurance, one of the newly established non-life insurance company of Nepal, is going to issue 30 lakh units share in the Initial Public Offering (IPO). For the issuance of IPO, the company has submitted the application to the Securities Board of Nepal (Sebon) on Magh 21, 2076.
After the approval from Sebon, the company will issue IPO worth Rs. 30 crores.
At current, the paid-up capital of the insurance is Rs. 70 crores, which will rise to Rs. 100 crores after the IPO. The company will then meet the minimum capital requirement for the non-life insurance, as per the directive of Beema Samiti.
NIBL Ace Capital is the issue manager for the Ajod Insurance IPO.
Ajod Insurance came into operation in Ashad 21, 2075 (July 5, 2018).
Until the second quarter of the current fiscal year i.e. 2076/77, the insurance has collected Rs. 40.66 crores in total premium through the issue of 52,954 policies. Ajod Insurance earned Rs. 2.32 crores in net profit in the six months period.