Kathmandu. Snow Rivers will open its IPO sale from March 9.
The company is going to bring IPO for project-affected locals and Nepalis who are working abroad in the first phase. The company had received permission from the Securities Board of Nepal (SEBON) on February 3 to issue a total of 18,75,000 units of shares at a face value of Rs 100.
In the first phase, the company will issue 9,37,500 units shares to locals and 93,750 units to overseas employed Nepalis. Applications can be place for minimum 10 units and maximum 10,000 units.
A total of 468,750 units have been allotted to the locals of Sirijanga Rural Municipality, Ward No. 1 to 7 of the same Rural Municipality, Ward No. 5 and 6 of Sidingwa Rural Municipality, Ward No. 5 and 6 of Pathibhara Yangwarak Rural Municipality and 468,750 units have been allotted to the residents of Ward No. 1 of Hilihang Rural Municipality of Panchthar district.
Nepalis who are in foreign employment can apply through the C-ASBA system from the banks and financial institutions participating in the ASBA service approved by the Securities Board of Nepal. The affected locals can bid for the shares from Sanima Capital at Naxal, Sirijanga-8 Taplejung, Yamphudin-20 branch of Nepal Bank, Sanima Bank and Global IME Bank’s Fungling branch.
The IPO will close on April 23 at the earliest and on April 22 at the latest, while for the Nepalis working abroad, the IPO will close on April 22 and for the Nepali migrant workers on April 23, the issuance will close on April 23.
Sanima Capital Limited has been appointed as the issue manager for the IPO issuance.
