General Insurance Company issuing 30 Lakhs units IPO from Ashwin 11 to general Public

General Insurance Company Nepal will be issuing IPO to general public from Ashwin 11 to 14, 2077. Insurance company will be issuing 30 lakhs units worth Rs 30 crores at a face value of Rs 100 as IPO to general public. General public can apply for IPO until closing date on Ashwin 14 and if the issue is not fully subscribed till closing date, then it can be extended up to Ashwin 15, 2077. 
General Insurance got approval from SEBON to issue IPO on 24th Bhadra 2077. Early, insurance company submitted IPO proposal application on 5th Ashad 2077.
NIBL Ace Capital Limited has been appointed as issue manager for the IPO issue of General Insurance.
 
Out of offered 30 lakhs units share, 4% of total offered share (i.e. 1,20,000 units) have been set aside for the employees of company and 5% of total offered share (i.e. 1,50,000 units) have been set aside for mutual fund. The remaining 27,30,000 units share are for general public.

Care Ratings Nepal:
Care Ratings Nepal Limited has assigned the „CARE-NP BB+ (Is)‟ rating to General  Insurance  Company  Nepal  Limited  (GIC). Issuers with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations, in Nepal.
Applicant can be applied for minimum and maximum of 10 units and 10,000 units respectively.
At present, insurance company paid-up capital stands at Rs 70 crores and after IPO issue its paid-up capital will be Rs 1 arba. This means, general public will possess 30% of the company, while the promoters will hold 70% of ownership.
Company Profile:

GIC Nepal projected target business premium in the first year will be their targeted people are from diversified sector such as Hydro to Micro level. Company will provide all portfolio of General Insurance to the insuring public in Nepal.

Regarding development of Business, Company will expand branches all over Nepal in all cities & urban areas to meet demand of insuring public. In addition, GIC Nepal shall offer new products to the customers in the years to come.

Key Financial:

Summary of financial report as of fourth quarter of FY 2076/77

Net Profit: Rs 5.06 crores

Net Earning: Rs 20.96 crores

Reinsurance Income and Investment: Rs 9.34 crores

No. of Policies: 57,803 policies

EPS: Rs 7.23 per share

Net Worth: Rs 114.68 per share

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