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Himalayan Reinsurance Limited IPO is opening doors for Nepalese citizens working abroad with a groundbreaking Initial Public Offering (IPO). This unique opportunity allows eligible citizens to invest in one of Nepal's pioneering private-sector reinsurance companies.
Himalayan Reinsurance Limited IPO Details
Himalayan Reinsurance Limited is set to issue a total of 3,000,000 unit shares. The IPO offering period begins on the 21st of Kartik and concludes on the 5th of Mangsir in the year 2080. This IPO venture comes as a significant move for the company.
Out of the company's total issued capital of Rs. 10 Arba, a substantial 30% or 3,000,000 unit shares will be offered to the public. This includes Nepalese citizens working abroad and the general public.
For Nepalese citizens working abroad: 10% or 300,000 unit shares have been allocated, and the offering will commence from the 21st of Kartik.
For employees of the company: 2% or 600,000 units.
For mutual funds: 5% or 1,500,000 units.
The remaining 2,490,000 units will be made available to the general public.
The share price for the IPO stands at Rs. 206 per share, comprising a face value of Rs. 100 and a premium price of Rs. 106 per share. This move will raise an impressive Rs. 61.8 crores for the company, given the significant interest.
The Manager of the Issue
NMB Capital Limited has been appointed as the issue manager for this landmark IPO. Potential investors can apply for a minimum of 10 units and go up to a maximum of 300,000 units.
About Himalayan Reinsurance Limited
Himalayan Reinsurance Limited is a pioneer in the private-sector reinsurance landscape of Nepal. They specialize in offering reinsurance support to both Life and Non-Life Insurance Companies, not just in Nepal but also on an international scale. The company was granted its operational license in 2021.
The prominent promoters of Himalayan Reinsurance consist of leading business conglomerates in Nepal and significant financial institutions. Some of the noteworthy promoters include Golchha Group, Shanker Group, Infinity Holdings, Lucky Group, Ramesh Corp, Shiv Shakti Group, Himalayan Infrastructure Fund Ltd., Shalimar Investment, Saffron CK Investments, Vaishnav Enterprises, Murarka Group, K L Dugar Group, M V Dugar Group, R H Group, M S Corp, IME Group, Prem Gurung and Group, Ashlesha Enterprises, Allied Continental, and Balaji Marbles.
Government Ownership
In addition to prominent business houses, the list of promoters encompasses two of Nepal's topmost commercial banks, primarily owned by the Government of Nepal. These banks are Nepal Bank Limited and Rastriya Banijya Bank Limited.
ICRA Nepal Rating
ICRA Nepal has reaffirmed an issuer rating of [ICRANP-IR] A- (pronounced ICRA NP Issuer Rating A Minus) to Himalayan Reinsurance Limited, indicating an adequate degree of safety regarding the timely servicing of financial obligations. Such issuers carry low credit risk.
This IPO represents a unique investment opportunity for Nepalese citizens working abroad to become a part of Himalayan Reinsurance Limited's growth story.
