KATHMANDU, June 9: Nepal Republic Media Limited (NRML) will hold an Initial Public Offering (IPO) to the general public starting today.
As of Friday, a total of 35,25,930 units of the primary shares have been issued to the public. According to issuance manager Mega Capital, potential investors can apply for the IPOs from June 9-13.
The company has indicated that if it is not sufficiently subscribed by that date, the offering will be extended until June 23. Potential investors can apply for a minimum of 10 shares and a maximum of 500 shares for the Nepal Republic Media IPO.
The company had a total authorized capital of Rs.967.6 million. Under the IPO scheme, 44.9922 percent of this capital, equivalent to Rs.435.3 million, with a par value of Rs.100 per share, was issued to Nepalese expatriates and its own employees in the first phase.
The IPO of Nepal Republic Media, which publishes Nagarik Daily and Republica English Daily, for Nepalese people employed abroad, was allotted on Wednesday. The IPO was allocated in a round-robin process at an event organized by Sales Director Mega Capital Markets. According to the head of sales, the IPO was allocated on a round-robin basis after it was “oversubscribed” due to strong interest in Republic Media’s IPO.
Nepal Republic Media Limited had issued 435,300 shares to Nepalese workers employed abroad. According to Mega Capital, out of 20,791 applications, only 20,785 applications were approved for the IPO.
Of the total shares allocated to the public, 174,120 shares, or four percent, were allocated to employees and five percent, or 217,650 shares, were allocated to mutual funds.