Kathmandu. Srinagar Agritech Industries Limited is going to issue an initial public offering (IPO) from October 10. The company has issued the IPO to the general public after allocating the IPO for the local residents of the affected areas and the Nepalese employed abroad.
The company was allowed to issue 20 percent of the issued capital of Rs 1.63 billion i.e. 32,62,50,000 units of shares.
In the first phase, the company has issued 1,63,125 units of ordinary shares to the locals of affected areas and 3,09,938 units to the Nepalese working abroad after obtaining labour permit from the concerned body of the government.
Similarly, 1,54,969 units have been allotted for mutual funds and 1,23,975 units have been allotted for the employees of the company.
In the second phase, the company will be issuing 25,10,493 units of shares at a face value of Rs 100 per share to the general public.
Applications can be place for minimum 10 units and maximum 1000 units. The auction will be held on October 29 at the earliest and will be delayed on October 29.
ICRA Nepal has assigned a rating indicating that the company is at high risk in its ability to bear financial obligations.
Nabil Investment Banking Limited has been appointed as the issue manager for the IPO issuance. The interested bidders can collect ASBA application form from all ASBA member banks and their designated branch offices through the Securities Board of Nepal (SEBON).
