Himalayan Re-insurance to issue IPO worth Rs. 3 billion

Kathmandu : Himalayan Reinsurance(Himalayan Re), the private sector’s first re-insurance company, is all set to issue initial public offering(IPOs) of worth Rs. 3 billion next fiscal year. The first annual general meeting(AGM) of the company concluded on Friday passed the proposal of BODs to  issue IPO to raise Rs. 3 billion from public.

The promoters of Himalayan Re have already invested Rs. 7 billion for promoters’ share. The companies authorized capital is Rs. 21 billion and paid up capital of Rs. 7 billion. After the issue of IPOs, the paid up capital will reach Rs.10 billion.
Himalayan Re is operational from 31 Asar 2078(July 15, 2021). According to the first annual report, the company has managed to earn a profit of around Rs.10 million in a short period of operation. According to the annual report of 077/78, the company has made a net profit of Rs. 9.426 million within short span of operation.

Source : https://english.insurancekhabar.com/2021/11/115825/