KATHMANDU, Oct 12: Shreenagar Agritech Industries Limited has opened the Initial Public Offering (IPO) for the general public. After allotting shares to locals from the project-affected area and Nepalis working abroad, the company began issuing shares to the public from Sunday.
The company has allocated 2,510,493 shares worth Rs 251 million at a face value of Rs 100 per share for the general public. Interested investors can apply for the IPO until October 15.
Earlier, the company had distributed 163,125 shares worth Rs 16.31 million to locals affected by the industry and 309,038 shares to Nepalis employed abroad.
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Srinagar Agritech has received approval from the Securities Board of Nepal (SEBON) to issue an IPO worth Rs 326.25 million, equivalent to 20 percent of its issued capital of Rs 1.63 billion.
According to the credit rating issued by ICRA Nepal, the company faces a high risk in meeting its financial obligations.
Nabil Investment Banking Limited is the issue and sales manager for the IPO.
As per the company’s latest financial report, it has an accumulated profit of Rs 21.9 million, an earnings per share (EPS) of Rs 1.68, and a net worth per share of Rs 102.13.
