Citizen Life Insurance IPO opened for Nepalese citizens working abroad from Today. Citizen Life Insurance Company Limited has issued of 11,25,000 unit IPO shares from Ashad 31 to Nepalese Citizens working aboard. The IPO closing date is on Shrawan 14, 2080.
The issued capital of the life insurance company is Rs. 3.75 Arba of which 30% (1,12,50,000 unit) shares will be issued to the public that is for Nepalese citizens working abroad and the general public. Out of this total1,12,50,000, 10% or 11,25,000 unit shares have been allocated for Nepalese citizens working abroad, whereas 5% or 562,500 units have been reserved for the employees of the company and 5% of the total offered shares i.e. 562,500 units have been reserved for the mutual funds. The remaining numbers of 90,00,000 units will be issued later to the general public soon.
Citizen Life Insurance IPO
The Citizen Life Insurance IPO value is Rs.244 per share (Rs 100 face value + Rs 144 premium price) to the general public and for the employees of the company at a par value of Rs. 100 only.
NIMB Ace Capital is the issue manager of this IPO. The IPO issue will raise a total of Rs. 2.66 Arba for the company. Out of this Rs 1.53 Arba will be the premium amount and the rest would add to the paid-up capital.
ICRA Nepal is the issuer rating of Citizen Life Insurance Company Limited to [ICRANP-IR] BBB (pronounced ICRA NP Issuer Rating triple B) from [ICRANP-IR] BBB- (pronounced ICRA NP Issuer Rating triple B minus). This indicates a moderate degree of safety regarding the timely servicing of financial obligations.
Citizen Life Insurance Company Limited
Citizen Life Insurance Company Limited is one of the fastest growing life insurance companies in Nepal. It started its operations on October 19, 2017 (Kartik 02, 2074) after Nepal Beema Pradhikaran, the Insurance Regulatory Authority of Nepal, awarded it the operation license on August 23, 2017 (Bhadra 07, 2074).
Citizen Life is a 70:30 public limited company with an authorized capital of NPR 5 billion, issued capital of NPR 3 billion 750 million, paid up capital of 2 billion 625 million and is majorly promoted by Kantipur Media Group, Shikhar Insurance, reputed Aviation industries, successful bankers, manufacturing industrialists, CEOs from different Insurance Companies, pharmaceutical companies, finance and investment firms, hospitality and tourism companies, real estate companies and several other reputed representatives from different industries.
Currently, Citizen Life is serving its clients through 140 branches/sub branches in different parts of the country. Its service network is strong and diversified to distribute an extensive range of products. Complying with regulatory laws, Citizen Life has reinsurance arrangement with Nepal Reinsurance Co. Ltd. as well as Consulting Actuary based in overseas.
Citizen Life focuses on implementing the international global practices of successful companies in the local market as per the local needs, based on the concept of Glocalization. With the use of the latest technology, Citizen Life aims to reach the grass root level and support the families in case of financial difficulty that might occur after the loss of the breadwinner.
Citizen Life is entirely focused on customer satisfaction and delivering value to its clients/policyholders through innovative insurance plans designed according to the societal needs and also provide an impeccable service. The company brings to you a wide range of protection solutions to help secure your family’s future. Its products are designed to:
- Provide financial support for child’s education
- Provide wealth with protection solutions
- Provide health and wellness solutions
- Provide retirement solutions and savings
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How to apply IPO from Mero Share ?
Are you looking for how to apply IPO from Mero Share ? If yes, here is the steps to apply IPO.
- Go to official website https://meroshare.cdsc.com.np/
- Select Your DP (Bank or Capital where you open your mero share and CRN account)
- Enter the user name and password,
- Click on login bottom
- Go to my ASBA
- Click on my ASBA
- See the Apply on issue
- Click on the Apply bottom
- Fill in the required information (Select bank account, number of applied shares)
- Enter the CRN number on the same page and click on all information in the current option,
- Then click on apply
- Then write the four-digit security code
- Then submit
- Application was completed; you will see that successfully applied with green color.