It's the last day (July 12) for Union Life Insurance Company Limited to apply for an IPO, which has been open to the public since July 8. The company had opened sales of 6.45 million units IPOs worth Rs 645 million.
Of the total, 6.4 million units shares issued by Union Life Insurance, 5 percent or 322,500 units shares have been reserved for employees and another 5 percent for mutual investment funds. The general public will be able to apply for the remaining 5.8 million units shares. The company is going to issue 30 percent of its total issued capital. Investors will be able to apply for a minimum of 10 lots and 32,250 lots.
The IPO issuance and sales manager is Prabhu Capital Limited. Interested applicants can apply through C-ASWA member banks and financial institutions and MeroShare.
As per the information given by the sales manager Prabhu Capital, 1,170,912 applicants have applied for the purchase of 109,601,930 shares by 5 pm on Friday.
ICRA Nepal has given ICRA NP Issuer a Triple B rating to the insurance company. This indicates an average risk in the company's ability to bear financial obligations.
At present, the paid-up capital of Union Life Insurance is Rs 1.5 billion. After the IPO issuance and distribution, the company's paid-up capital will reach Rs 2.15 billion.
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