August 8, 2021 | Investopaper
Sanima Life Insurance Company Limited is currently issuing an Initial Public Offering (IPO) worth Rs 60 crores. The public issue is open from Shrawan 20, 2078 BS. Due to over-subscription of shares, the issue will close on Shrawan 24, 2078 BS.
Interested investors can apply for a minimum of 10 shares and a maximum of 30,000 shares.
Securities Board (SEBON) provided the approval on Ashad 31, 2078 BS for the IPO issuance. The company had submitted an application to SEBON on Jestha 9, 2078 BS.
Sanima Life Insurance is planning to sell 6,000,000 unit shares in the IPO. At a face value of Rs 100, the public issue amounts to Rs. 60 crores. Out of the total public issue size, 5 percent or 3,00,000 unit shares are allotted to the mutual fund schemes. Likewise, the employees of the company are reserved 5 percent or 3,00,000 shares. Hence, the general public can participate in the remaining 54,00,000 shares.
Prabhu Capital Limited is the issue and sales manager for the IPO.
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About Sanima Life Insurance Company
Sanima Life Insurance Company was registered in Mangsir 13, 2064 BS. The company received the operation license from Beema Samiti on Bhadra 7, 2074 BS. It started its life insurance operation from Mangsir 22, 2074 BS.
The company has an authorized capital of Rs 3 Arba. As of Ashad end, 2078 BS, the paid-up capital is Rs 1.40 Arba. The company will float the 30 percent share worth Rs 60 crores to the general public. Hence, after the IPO, the paid-up capital will rise to Rs 2 Arba thereby meeting the minimum capital requirement for life insurance companies in Nepal. The promoters will possess 70 percent ownership of the company after the public offering.