IPO of Himalayan Re Insurance, what are the financial statements

Oct Sun 2023 11:55:52

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IPO of Himalayan Re Insurance, what are the financial statements

Kathmandu. Himalayan Re Insurance Limited is going to sell IPO for Nepalis who are employed abroad from 21st November. The company is going to sell 10% reserved shares out of the total IPO shares to be sold to the general public for Nepalis who are employed abroad.

The company has received permission from the regulatory body Nepal Securities Board to sell 30 million shares of IPO to the general public at a rate of 30 percent of the issued capital equal to 10 billion rupees. The company is going to sell the IPO at Rs. 206 per share with Rs. In the first phase, 3 million shares of IPO will be sold for Nepalese who are employed abroad.

After the sale and distribution of the first phase of the IPO, 1.5 million shares will be distributed to the collective investment fund, 6 million shares will be distributed to the employees, and 24.9 million shares will be issued to the public in the second phase of the IPO.

Nepalis who are employed abroad can demand from a minimum of 10 shares to a maximum of 3 lakh shares for the company's IPO purchase. The company's IPO will be on sale for Nepalis who are employed abroad until November 5th.

NMB Capital Limited is the IPO issuing and selling manager of the company. Nepalese who are employed abroad can apply from all C-ASBA member banks and financial institutions and their designated offices, along with the sales manager, who have received permission from the Nepal Securities Board. Also, there is an arrangement that you can apply for my share through the online system.

In the rating given for the IPO issuance, Icra Nepal has given the company IcraNP Issuer Rating A. This rating indicates that the company's ability to meet its financial obligations is sufficiently secure.

This company is about to enter the securities market as the second company in the reinsurance sector. Before this, Nepal Reinsurance Company's securities in the reinsurance sector were listed in the secondary market. This company has been operating after receiving business approval from the then insurance committee on June 31, 2078.

The authorized capital of the company is 21 billion rupees and the issued capital is 10 billion rupees. At present, the company's paid-up capital from the founder's side is 7 billion rupees. According to the actual financial statement for the financial year 078-79, this company has an accumulated profit of more than 292.1 million rupees.