KATHMANDU, MARCH 5
Jyoti Life Insurance Company Limited (JLIC) is issuing 6.6 million units of shares as the initial public offering (IPO) from today. The IPO will remain open till March 10.
Of the total offered units worth Rs 66 crore, five per cent amounting to 330,000 units of shares are set aside for the employees of the company while another five per cent has been set aside for mutual funds.
The remaining 5,940,000 units of shares have been offered to the general public.
Jyoti Life Insurance has appointed NMB Capital Limited as its IPO issuance manager.
CARE Ratings Nepal Limited (CRNL) has assigned 'CARE-NP BBB (Is)' rating to JLIC. Issuers with this rating are considered to offer a moderate degree of safety regarding timely servicing of financial obligations, in Nepal. Such issuers carry moderate credit risk.
After the IPO, the share distribution of the company will change into 70 per cent promoters shares and 30 per cent general public shares.
As the retail investors are excited over rise in IPO issuance in the country, the IPO of Jyoti Life Insurance is likely to garner the same participation as other recent IPO subscriptions.