KATHMANDU, June 8: Nepal Republic Media has announced that its Initial Public Offering (IPO) will be open to the general public from June 9.
A total of 35,25,930 units of the primary shares will be made available to the general public, starting from June 9. According to issue manager Mega Capital, prospective investors can apply for the IPOs from June 9 to June 13.
The company has informed that if the application is not received as per the demand within the stipulated time, the deadline for the applications will be extended till June 23. Prospective investors can apply for a minimum of 10 shares to a maximum of 500 shares for Nepal Republic Media's IPO.
The company had a total authorized capital of Rs 967.6 million. In the IPO program, 44.9922 percent of this capital, which is equivalent to Rs 435.3 million, was assigned with the face value of Rs 100 per share in the first phase to Nepalis working abroad and its own employees.
The IPO issued by Nepal Republic Media, which publishes Nagarik Daily and Republica English Daily, for Nepalis who are employed abroad, was allotted on Wednesday.
The IPO was allotted through the round robin method in an event organized by the Sales Manager Mega Capital Markets. According to the Sales Manager, the IPO was allotted through the round robin method after being 'oversubscribed' due to people’s interest in Republic Media's IPO.
The company had issued 435,300 shares to Nepali workers who are employed abroad. According to Mega Capital, only 20,785 applications were eligible out of 20,791 applications for the IPO.
Out of the shares allocated to the general public, 174,120 shares, which makes four percent, have been allocated to the employees and five percent i.e. 217,650 shares have been allocated to the mutual funds.