KATHMANDU, June 7: Nepal Republic Media Limited (NRML), which publishes Nagarik Daily and Republica English Daily, has completed allotment of shares for foreign Nepali migrants after the issuance was over subscribed. The IPOs were allotted through a round-robin system as there were more applications than the demand.
The NRML had issued 435,300 shares to Nepalese workers employed abroad. According to the Mega Capital, only 20,785 applications were qualified out of the total 20,791 applications received for the IPOs.
A total of 20,785 people, who applied for 10 shares or more got shares at the rate of 10 shares, while 16,595 people who applied for 20 shares or more got additional 10 shares. Similarly, out of 12,111 people, who applied for 30 shares or more, 6,150 people got 30 shares each, according to the company.
The IPO was distributed in the special presence of Binod Raj Gyawali, Chairman of Nepal Republic Media Limited.
Addressing the IPO allotment program, Chief Executive of Nepal Republic Media Sambridhi Gyawali said that the IPO was issued to increase the ownership of ordinary public to the media house. She said that Nepali people living abroad also have ownership to the media company now. "The media should cover everyone's feelings," Gyawali said at the IPO allotment program. "Nepal Republic Media Limited has now become a company of ordinary people."
Representatives of Company Registrar Office, Securities Board, Nepal Stock Exchange, CDS and Clearing Limited and other stakeholders were also present in the IPO allotment program. Laxman Bahadur Shrestha, an ordinary investor, had selected the winners through the round robin system.
Mega Capital's Merchant Banking Incharge Manisha Dahal had informed about the IPOs in the program conducted by the Head of Mega Capital's Marketing Department Giriraj Pokharel.
The company said it is floating 3,525,930 units of primary shares, which is 35.99 percent of its issued capital, for the general public beginning June 9.
According to Sales Manager Mega Capital Limited, all prospective investors can apply for the IPOs from June 9 to June 13. One can apply for a minimum of 10 shares to a maximum of 500 shares of Nepal Republic Media Limited.
The company has informed that the application will remain open until June 23 if the applications are not received as per the demand.