Mount Everest Power Development Ltd. will be launching its Mount Everest Power IPO from April 30 onwards, which will be offered only to the locals of the areas concerned and the Nepalese people who work abroad.
The company intends to offer 30 percent of the issued capital, which is Rs 860 million. Out of this, 2,580,000 shares, worth Rs 258 million, have been reserved for the general public.
Out of the entire budget allocation, 860,000 units valued at Rs 86 million have been set aside for the local people of the affected zones in the Solukhumbu district. Out of which, 344,000 units have been earmarked for the worst-hit wards (Ward No. 1 and 2) and the other 516,000 units for other wards of the Solududhkunda Municipality.
Moreover, 10 percent of the public quota (172,000 units) has been reserved for Nepali migrants who have worked overseas.
Investors interested in purchasing stocks may do so with a minimum purchase of 10 shares and a maximum of 10,000 shares. The Mount Everest Power IPO period will be extended from May 14 to June 1 for affected locals, provided it has not been fully subscribed within the earlier period. As for migrants, the period ends on May 6, then is extended to May 14.
The Mount Everest Power IPO carries the rating of BB+, according to Care Ratings Nepal.
NIMB Ace Capital is the IPO issuer. Local subscribers are required to apply at the bank branches located in Salleri, namely Machhapuchchhre Bank, Nepal Bank, Prabhu Bank, and NMB Bank, along with all C-ASBA authorized BFIs.
In addition, the migrant laborers will be able to apply through any C-ASBA-registered BFIs and the MeroShare portal.
Stay tuned to NepseTalk for the latest IPO updates and stock market news.
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