IPO Allotment: Nepal Republic Media Allotted Shares To Nepalese Employed Abroad On 24th Jestha
Wed, Jun 7, 2023 10:25 AM on Latest, IPO/FPO News, Share Allotment,
Nepal Republic Media Limited has allotted IPO shares to Nepalese citizens working abroad. The allotment program concluded today morning.
The issued capital of the company stands Rs. 96.75 crores of which 44.99% i.e. 43,53,000 unit shares worth Rs. 43.53 crores have been set aside to the general public of which; 10% i.e. 4,35,300 units were issued to the Nepalese citizens working abroad from 31st Baisakh to 14th Jestha, whereas 4% i.e 174,120 units have been set aside for the employees of the company, and 5% of the total offered shares i.e. 217,650 units have been set aside for the mutual funds. The remaining 35,25,930 units are for the general public, the issue of which will open from 26th Jestha to 30th Jestha.
As per the allotment module, the issue had received a total of 20,785 applications for 6,88,150 units.
In total there were 6 invalid applicants who had applied 220 units.
In total 6,150 applicants were allotted 30 units each; 10,445 applicants were allotted 20 units each and finally 4,190 applicants were 10 units only.
Mega Capital Markets was appointed as the issue manager for the IPO issuance. Applications could be placed for a minimum of 10 units and a maximum of 500 units.
Nepal Republic Media Pvt. Ltd., the publication house of Nagarik Nepali Daily, Republica English Daily, and Shukrabar Weekly is the first media sector to issue an IPO to the general public.
Incorporated in August 2008, New Republic Media Private Ltd was later converted to Nepal Republic Media Ltd in June 2021. The principal objective of the company is to disseminate the news through its various publications. The company was founded by Mr. Binod Raj Gyawali.
Infomerics Credit Rating Nepal Limited (Infomerics Nepal) has assigned the issuer rating of IRN B+ (Is) [Single B Plus (Issuer)] to Nepal Republic Media Limited. Issuers with this rating are considered to have a high risk of default regarding the timely servicing of financial obligations.
