October 16, 2020 | Investopaper
Sanima General Insurance IPO Allotment
Sanima General Insurance has allotted the IPO shares to the public on Friday. The allotment took place at the office of NIC Asia Capital, the issue manager. Altogether 273,000 applicants have received shares at the rate of 10 shares each. Likewise, 590,585 applicants have been left empty-handed.
In the company’s IPO, 866,905 applicants had applied for the purchase of 185,91,520 shares. According to the issue manager NIC Asia Capital , the applications of 3,360 people have been rejected.
Sanima General Insurance IPO
Sanima General Insurance Company issued 30 lakh unit shares in the Initial Public Offering (IPO). The company floated the IPO shares to the general public from Ashwin 21 to Ashwin 25, 2077.
Securities Board Of Nepal (SEBON) provided the approval for the IPO issuance to the company on Ashwin 5, 2077. The non-life insurance had submitted application to SEBON on Ashad 14, 2077.
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Sanima General Insurance issued 3,000,000 shares in the IPO at the par value of Rs 100. Hence, the IPO was worth Rs 30 crores. After the issue of IPO, the general public will possess 30 percent ownership in the company. Likewise, the promoters will hold 70 shares.
Out of the total issue, the employees of the company will receive 1,20,000 shares while the mutual funds can apply for 1,50,000 shares. Therefore, the general public will participate for the remaining 27,30,000 shares.
Interested Investors can apply for the minimum of 10 shares and maximum of 1,000 shares.
NIC Asia Capital Limited is the issue manager for the IPO of Sanima General Insurance.
About Sanima General Insurance
Sanima General Insurance Company is a newly established non life insurance that commenced its business operation since July 2018 [Ashad 2075].
Sudyumna Prasad Upadhyaya is the Chief Executive Office (CEO) of the insurance. Likewise, Khem Raj Lamichhane chairs the board of Sanima General Insurance.
Financial Condition Of Sanima General Insurance
At current, Sanima General Insurance has Rs 70 crores in paid-up capital. After the issue of the IPO, the paid-up capital of the insurance will increase to Rs 100 crores. Hence, it will meet the minimum capital requirement for the non-life insurance in Nepal, as directed by Beema Samiti.
In the fiscal year 2076/77, Sanima General Insurance has collected Rs 35.27 crores in total premium. The company sold 42,383 insurance policies during this period. Likewise, the insurance earned a profit of Rs. 5.56 crores [based on the unaudited fourth quarterly report, FY 2076/77].
Also Read: Best Non-Life Insurance Companies In Nepal
Products/Services Offered By Sanima General Insurance
Sanima General Insurance provides various insurance products such as:
1. Motor Insurance
2. Property and House Insurance
3. Marine Insurance
4. Cattle and Crops Insurance
5. Travel Insurance
6. Accidental and Medical Insurance
7. Engineering Insurance
8. Miscellaneous Insurance
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