Mountain Energy Nepal Limited is going to issue primary shares to the public from November 11.
The company was allowed to issue 39,036,054 IPOs, equivalent to 20 percent of its issued capital, or Rs 393.6 million. Out of this, the company is going to issue 1.968 million shares to the public in the second phase. Out of this, 2 percent or 39 thousand 361 lots have been distributed to the employees and 5 percent or 98 thousand 401 lots have been distributed to the collective investment funds. The general investors will be able to apply for the remaining 1.8 million 30 thousand 265 ordinary shares.
Earlier, in the first phase, the company had sold 1,968,027 IPO lots for the locals of Nuwakot and Myagdi districts affected by the project at a face value of Rs. 196,802,700
The public will be able to apply for the IPO as soon as possible from November 11 to November 17, but if all the shares are not sold in that period, they will be able to apply as late as November 25.
Nabil Investment Banking and CBIL Capital are the share issue and sales managers in the IPO.
Care Rating Nepal has given Care NP Grade 4 Plus rating to the company’s IPO. This indicates that the financial condition of the company is weaker than the average.