Kathmandu. Azod Insurance has opened 3 million IPOs worth Rs 300 million to the public. Out of the total lots, 4 percent or 120,000 lots have been reserved for employees and 5 percent or 150,000 lots for collective investment funds and the remaining 2.73 million lots have been opened for sale through public issue.

Those who want to buy this IPO can apply for a minimum of 10 lots and a maximum of 10,000 lots. NIBL S Capital is the sales manager of this IPO, which will be on sale soon till July 12 and late till July 20.

Along with the sales manager, applications can be submitted from the central office of Ajod Insurance, Sundhara and all the banks and financial institutions participating in the ASWA service.

 Care Rating Nepal has given a grade 4 rating to Azod's IPO indicating that the basic aspect is below average.

Azod Insurance, which currently has a paid-up capital of Rs 700 million, will reach Rs 1 billion after the IPO. Among the three new non-life insurance companies, Azod is the first to sell an IPO. The other two companies have also applied to the Nepal Securities Board, the regulatory body.

The company, which formally started operations on July 7, 2075, has made a net profit of Rs. 35.1 million till the third quarter of the current fiscal year.