The nine new insurance companies are preparing to issue ordinary shares (IPO) worth Rs 5.65 billion.

According to the provision made by the Insurance Committee, life insurance companies have to raise Rs 2 billion and non-life insurance companies have to raise Rs 1 billion. According to the same provision, Citizen Life, IME Life, Jyoti Life, Mahalakshmi Life, Prabhu Life, Reliance Nepal Life, Sanima Life, Sun Nepal and Union Life are preparing to issue IPO.

Among the new insurance companies, Azod, Sanima General, General Insurance Company Nepal and Reliance Life Insurance have already issued common shares.

Out of the remaining nine new insurance companies, Citizen Life is going to issue IPO worth Rs 750 million, Union Life 645 million, IME Life 600 million and Jyoti Life 660 million. Mahalakshmi Life will issue an IPO of Rs 600 million, Prabhu Life Rs 600 million, Reliance Nepal Life Rs 600 million, Sanima Life Rs 600 million and Sun Nepal Life Rs 600 million.

After the issuance of IPO, the capital of Citizen Life Insurance will reach Rs 2.5 billion, Jyoti Life Rs 2.20 billion and Union Life Insurance Rs 2.15 billion. Similarly, after the issuance of IPO, the paid up capital of Sanima, Prabhu, Reliance, IME, Mahalakshmi and Sun Nepal Life Insurance will reach Rs 2 billion.

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