Kathmandu. SY Panel Nepal Limited is going to issue an initial public offering (IPO) from November 19. The company is going to issue the IPO to the general public after allocating the IPO for the local residents of the industry-affected areas and the Nepalese employed abroad.
The company was allowed to issue 40 percent of the issued capital of Rs 1,30,89,37,100 i.e. 52,32,54,800 units.
In the first phase, the company has set aside 2,61,629 units of ordinary shares for the locals of affected areas and 4,97,092 units for the employees of Nepalese working abroad.
Similarly, the company has set aside 1,49,127 units for its employees and 2,48,546 units for mutual funds.
In the second phase, the company will be issuing 40,76,156 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 50,000 units. The issuance will be closed on November 9 and will be delayed on November 17.
ICRA Nepal has assigned ICRA NP Issue Rating Double ‘B’ to the company. This indicates that there is a moderate risk to the company’s ability to meet its obligations.
Prabhu Capital 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).
