Nepal Reinsurance Co. Ltd. is launching an IPO worth 1.28 billion rupees, The Kathmandu Post reported.

The reinsurance company is reportedly setting aside 16% of its targeted paid-up capital of 8 billion rupees at the base rate of 100 rupees per unit share to the general public.

Nepal Reinsurance decided on an IPO after receiving commitment from its promoters to maintain their part of shares to the prescribed amount, according to the report.

Nepal Reinsurance CEO Chirayu Bhandari said the planned IPO has been approved during the reinsurance company's April 13 annual general meeting, but the issuance was delayed, the news outlet reported.

As of July 2, US$1 was equivalent to 109.50 Nepalese rupees.