Palpa Cement Industries Limited is set to issue its Initial Public Offering (IPO). The company will launch the IPO from Poush 25 in the first phase for local residents of the project-affected areas and Nepali citizens working abroad.
The company received approval from the Nepal Securities Board on Poush 9 to issue 7.5 million ordinary shares worth a total of NPR 750 million at a face value of NPR 100 per share. As per the approval, in the first phase, 5 percent of the approved shares—equivalent to 1.875 million ordinary shares worth NPR 187.5 million—will be issued to local residents of the project-affected areas in West Nawalparasi (former Nawalparasi district) and Palpa district, where the limestone mine is located.
Similarly, out of the remaining 5.625 million shares, 10 percent, or 562,500 ordinary shares, will be issued to Nepali citizens working abroad who have obtained labor approval from the relevant government bodies. The company stated that if the shares allocated for Nepalis working abroad are not fully subscribed, the unsold portion will be adjusted and later issued to the general public.
Both local residents of the project-affected areas and Nepalis working abroad can apply for a minimum of 10 shares and a maximum of 100,000 shares. For local residents of the project-affected areas, the IPO will close as early as Magh 9 and no later than Magh 25. For Nepalis working abroad, applications can be submitted from Poush 25, closing as early as Poush 30 and no later than Magh 9.
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