Crest Microlife Insurance to issue 2.2 million shares IPO

KATHMANDU:Crest Microlife Insurance has appointed a sales manager to oversee the issuance of 30% of its issued capital through primary shares (IPO). The company will to issue 2.250 million ordinary shares worth Rs 225 million to the general public.

The company has appointed NIMB Ace Capital as sales manager for the issuance of ordinary shares at a price of Rs 100 per share.

The Securities Board has approved the company's business activities to provide short-term life insurance services to inhabitants of low-income and backward areas, as well as marginalized communities. The founder has invested 70% in this company, and following the IPO, the entire public will contribute 30%.

The company also released its third quarter financial statement for the current fiscal year. Accordingly, the company's net profit for this time is 14 lakh 26 thousand rupees. Similarly, the annual earnings per share are 54 paise.