Mount Everest Power's IPO opened today, how many applications?

Mount Everest Power Development Limited has opened the issue and sale of ordinary shares (IPO) from today, 17th Baisakh. The company has targeted this IPO especially to the local residents of the project-affected areas and Nepali citizens who are employed abroad. The company got permission to issue 2.58 million shares worth 30% of the total issued capital of 86 million rupees, i.e. 258 million rupees. Out of this, 860,000 shares worth 86 million rupees have been allocated for the local residents of the project-affected areas. Out of this share, 3 lakh 44 thousand shares are in the most affected area, Ward No. of Solududhakund Municipality of Solukhumbu District. The residents of 1 and 2 will be distributed while the remaining 516,000 shares will be distributed to permanent residents of other wards of the same municipality.

Likewise, 10 percent of the shares allotted to general investors, worth 172 million rupees, has been allocated to Nepali citizens working abroad after obtaining labor approval. In this IPO, the application can be made for a minimum of 10 shares and a maximum of 10,000 shares can be applied for. The IPO issue process for the local residents of the project affected areas will be closed on May 31st, the deadline of which will be on June 18th. For Nepalis who are employed abroad, this process will be closed on 23rd of Baisakh, the last date of which is fixed till 31st of Baisakh.

In the rating done for the IPO issuance, Care Rating Nepal has given the company 'CareNP Double B Plus Issuer Rating', which indicates that the company has a moderate risk in its ability to carry its obligations. The issue and selling manager of this IPO is NIMBS Capital Limited. Local residents of the project affected areas can apply from Machhapuchhre Bank, Nepal Bank, Prabhu Bank and NMB Bank Salleri, Solukhumbu branch offices. In addition, applications can also be submitted from designated branch offices of banks and financial institutions participating in ASBA services licensed by the Nepal Securities Board. Local residents will have to pay a fee of Rs 2 to get the share purchase application form.

Nepalese who are employed abroad can apply through the CSBA system from designated branch offices of banks and financial institutions participating in the ASBA service licensed by the Nepal Securities Board. In addition, applications can also be made online using CDS & Clearing Limited's software 'My Share'.