Citizen Life Insurance Company Limited is concluding its public offering of 90,00,000 unit shares starting today, which commenced on the 15th of Bhadra, 2080.
The company’s total issued capital is Rs. 3.75 Arba, and out of this, 30%, or 1,12,50,000 unit shares, are being offered to the public, including Nepalese citizens working abroad.
Of the total offering, 10% (11,25,000 unit shares) went to Nepalese citizens working abroad, 5% (562,500 units) is reserved for company employees, and another 5% (562,500 units) is set aside for mutual funds. The remaining 90,00,000 units are available to the general public since Bhadra 15.
These shares are being issued at Rs. 244 per share (comprising a Rs. 100 face value and a Rs. 144 premium) for the general public, while employees of the company can obtain them at a par value of Rs. 100.
NIMB Ace Capital is overseeing the issuance. The IPO is expected to raise a total of Rs. 2.66 Arba for the company, with Rs. 1.53 Arba as the premium amount and the rest contributing to the paid-up capital.
As per the CDSC (Central Depository and Clearing Company), there have been 11,07,048 applicants, applying for a total of 12,450,120 units worth Rs. 3.03 Arba. Consequently, the offering has already been oversubscribed by 1.38 times.