KATHMANDU: Jyoti Life Insurance Company is issuing an IPO to the general public from today i.e.March 5 to March 10.
The company had submitted an application to SEBON requesting to issue 30% of its issued capital in the form of an IPO. NMB Capital has been appointed the issue manager for the IPO issue.
The company has a total of 2.2 crore registered shares of which 6.6 million shares will be issued in the upcoming IPO. Thus, the IPO will raise a total of Rs. 660 million in paid-up capital.
5% of the issue, i.e. 3,30,000 units have been set aside for the employees of the company and another 5% to mutual funds. The remaining 59,40,000 units are purely for individual investors. Investors can apply for a minimum of 10 units and a maximum of 66,000 units.
CARE Ratings Nepal Limited (CRNL) has assigned the ‘CARE-NP BBB (Is)’ rating to Jyoti Life Insurance. 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.
Jyoti Life is a life insurance company registered at the Office of Company Registrar under the Company Act 2006 on May 17, 2017, and has obtained a license from Insurance Board on September 4, 2017. JLIC has been offering an extensive range of products as Money Back, Endowment, Whole Life, Term Assurance products, etc. through its diversified sales network. Currently, all the shares of the company are held by promoter shareholders. Major shareholders of the company are Mr. Nitesh Agrawal (18.18%), Ms. Usha Agrawal (18.18%), and NIC Asia Bank Limited (9.74%).