Kathmandu: SY Panel Nepal is set to issue its Initial Public Offering (IPO) from September 14, targeting project-affected communities and Nepali migrant workers abroad.
The company received approval from the Securities Board of Nepal (SEBON) to proceed with the offering.
The company, with an authorized capital of Rs 1.308 billion, has been permitted to issue 40 percent of its shares, equivalent to Rs 523.25 million or 5,232,548 shares.
Of this, 2 percent (261,629 shares worth Rs 26.16 million) will be allocated to residents of the project-affected area, while 10 percent (497,092 shares worth Rs 49.7 million) will be offered to Nepali citizens currently employed abroad. Shares will be priced at Rs 100 each.
Eligible residents include those living across all wards of Ratnanagar Municipality in Chitwan District.
After the allotment to locals and migrant workers, SY Panel will allocate shares from the remaining 38 percent (4,970,921 shares worth Rs 497.09 million) of its capital. This includes 149,127 shares for employees and 248,546 shares for mutual funds.
The remaining 4,076,156 shares will be made available to the general public.
The application period for project-affected residents will run from September 14 to September 28, while migrant workers abroad can apply between September 14 and September 28, with an early closing option on September 16.
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