Ridge Line Energy Limited has opened its Initial Public Offering (IPO) from today. In the first phase, the company has issued IPO shares for local residents of the project-affected area and Nepali citizens working abroad.
The company has received approval from the Nepal Securities Board to issue a total of 2.607 million shares worth Rs 260.7 million. Out of this, 10 percent of the issued capital—equivalent to 1.185 million shares worth Rs 118.5 million—has been allocated for local residents of the project-affected area.
Similarly, 10 percent of the publicly issued shares—amounting to 142,200 shares worth Rs 14.22 million—has been reserved for Nepali citizens working abroad who have obtained labor approval from the concerned government authority.
After the allocation of shares for local residents of the project-affected area and Nepali citizens working abroad, the company will issue the IPO to the general public in the second phase. For the general public, 12 percent of the issued capital—equivalent to 1.422 million shares worth Rs 142.2 million—will be issued. Out of this, 2 percent (28,440 shares) has been reserved for employees and 5 percent (71,100 shares) for mutual funds. The remaining 1,180,260 shares will be offered to the general public.
Local residents of the project-affected area and Nepali citizens working abroad can apply for a minimum of 10 shares and a maximum of 50,000 shares.
For local residents of the project-affected area, the IPO will close at the earliest on Poush 28 and at the latest on Magh 12. For Nepali citizens working abroad, the IPO will close at the earliest on Poush 17 and at the latest on Poush 28.
Local residents can apply through the company’s office in Gorkha, Prabhu Capital’s Kamaladi office, the online link provided by the company, as well as Prabhu Bank’s Chhepetar and Palungtar branches in Gorkha.
Nepali citizens working abroad can apply through all ASBA member banks and financial institutions approved by the Securities Board, their designated branches, and the Meroshare online system.
Prabhu Capital Limited has been appointed as the issue and sales manager for the IPO. The company has stated that it will issue the IPO to the general public in the second phase after completing the allotment of shares in the first phase.
About the Author
