Mount Everest Power IPO Opens for General Public From Today
Mount Everest Power Development has opened its IPO for the general public from Ashar 3 after allotting shares to project-affected locals and Nepalis working abroad.
Applications for the IPO of Mount Everest Power Development can be submitted from today, Ashar 3. The company has opened the IPO for the general public after completing the allotment of shares issued to project-affected local residents and Nepalis working abroad. The company had received approval from the Securities Board to issue 2.58 million shares worth Rs 258 million, which is 30 percent of its issued capital of Rs 860 million.
Out of the total issue, 860,000 shares were issued and allotted to project-affected local residents, while 172,000 shares were issued and allotted to Nepalis working abroad. The company has also allotted 34,400 shares to employees and 86,000 shares to mutual funds. In the second phase, the company will issue 1,427,600 shares worth Rs 142.76 million to general investors at a face value of Rs 100 per share. Investors can apply for a minimum of 10 shares and a maximum of 10,000 shares. The issue will close on Ashar 8 at the earliest and on Ashar 17 at the latest.