Palpa Cement Industries Limited has opened applications for its Initial Public Offering (IPO) starting today.
In the first phase, the company has issued IPO shares targeting local residents of the project-affected areas and Nepali citizens working abroad.
The company has received approval from the Nepal Securities Board to issue 7.5 million ordinary shares worth a total of NPR 750 million. Out of this total, five percent, or 1,875,000 shares, have been reserved for local residents of the project-affected areas in West Nawalparasi and Palpa districts.
Similarly, shares equivalent to 10 percent of 15 percent of the total issued shares, amounting to 562,500 units, have been allocated for Nepali citizens employed in foreign countries.
The company has stated that if the shares allocated for local residents and Nepalis working abroad are not fully subscribed, the remaining shares will be adjusted and issued to the general public.
Applicants can apply for a minimum of 10 shares and a maximum of 100,000 shares.
For local residents of the project-affected areas, the application period has been set from Magh 9 to Magh 25, while for Nepali citizens working abroad, applications will be open from Poush 30 to Magh 9.
Nabil Investment and Banking Limited has been appointed as the issue and sales manager for the IPO.
After completing the first-phase issuance for local residents and Nepalis working abroad, the company has announced that it will issue IPO shares to the general public in the second phase.
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