Snow Rivers Limited's IPO opens

Snow Rivers Limited has started the process of issuing ordinary shares (IPO) to the general public. In the first phase, the company opened the IPO for local residents of the project-affected areas and Nepali citizens working abroad. This company, which got permission from the Nepal Securities Board (Sebon) on January 18 to distribute a total of 18 lakh 75 thousand shares to the general public, has issued an IPO at a face value of Rs 100 per share. In this issue, 937 thousand 500 shares have been allocated for the project affected people and 93 thousand 750 shares for Nepalese who are employed abroad.

A special provision has also been made for the distribution of shares towards the project-affected areas. 4 lakh 68 thousand 750 shares have been allotted to the most affected local residents of Sirijanga Rural Municipality-8 of Taplejung District and the remaining 4 lakh 68 thousand 750 shares to local residents of 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 Hilihang Rural Municipality-1 of Panchthar District.

Nepali citizens who are employed abroad can apply for this IPO if they submit proof of working abroad after obtaining a legal work permit from the relevant agency of the Government of Nepal. Investors in the project-affected areas can apply for a minimum of 10 shares to a maximum of 10,000 shares. Similarly, Nepalese working abroad can apply for a minimum of 10 shares to a maximum of 1,000 shares. The application for the IPO allocated for the project-affected areas will be closed on 23 March. If there are not enough applications within that period, the application deadline will be extended to May 8. For Nepalis who are employed abroad, the application will be closed on Chait 12th, but if there are not enough applications, the deadline will be till Chait 23rd.

Those affected by the project can collect and submit the application form at Sanima Capital Limited located in Naxal, Kathmandu, project site located in Sirijanga-8 in Taplejung, Sirijanga Branch of Nepal Bank Limited, NMB Bank Limited, Sanima Bank Limited and Fungling Branch of Global IME Bank Limited. Nepalese who are employed abroad can submit their applications through the C-ASBA system through banks and financial institutions participating in the ASBA service. Sanima Capital Limited is responsible for issuing and selling these securities.