There is good news for those who are waiting for an IPO. Mountain Energy Nepal Limited is going to issue a primary share IPO to the public from the Kartik 26. Mountain Energy Nepal was allowed to issue an IPO equal to 20% of the company’s issued capital.
The company had received permission from the Nepal Securities Board (SEBON) to issue 39,36,054 units of IPO shares worth Rs 39,36,05,400. Out of this, the company is going to issue 19,68,027 units of IPO shares to the public in the second phase. Out of this, 2 percent (39,361 units) have been distributed to the employees and 5 percent (98,401 units) have been distributed to the collective investment funds. The general investors will be able to apply for the remaining 18,30,265 ordinary shares.
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MOUNTAIN ENERGY NEPAL IPO
| MOUNTAIN ENERGY NEPAL | |
| IPO Units | 19,68,027 units |
| IPO Rate | Rs 100 |
| IPO Start Date | Kartik 26 |
| IPO Closing Date (Early) | Mangsir 2 |
| IPO Closing Date (Late) | Mangsir 10 |
| IPO Grade Rating | Care NP Grade 4 Plus |
Earlier, in the first phase, the company had sold an IPO worth Rs 19,68,02,700 million for the locals of Nuwakot and Myagdi districts affected by the project at a face value of Rs 100. The company had issued 19,68,027 units of ordinary shares IPO for the locals. The general public will be able to apply for the IPO of this company from Kartik 26 to Mangsir 2. If all the shares are not sold within that period, the IPO can be opened till Mangsir 10.
Care Rating Nepal has given Care NP Grade 4 Plus rating to the company’s IPO. This indicates that the financial condition of the company is weaker than the average. The IPO has Nabil Investment Banking and CBIL Capital as the issue and sales manager.
