Last Day to Apply for Sonapur Minerals IPO for Locals, Almost 95% Shares To Be Subscribed So far

Today (i.e., Bhadra 26) is the final day for local residents of the project-affected areas to submit their applications for the IPO. Sonapur Minerals and Oil Limited opened this IPO for subscription on Shrawan 29.

The issued capital of the company is Rs. 3.07 Arba of which 5% i.e. 15,37,525 unit shares worth Rs. 15.37 Crores have been allocated to project-affected locals of Dang and Rolpa District.

Meanwhile, 35% of the company's issued capital i.e. 1,07,62,675 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 10,76,268 units shares have been allocated for Nepalese citizens working abroad, the issue of which closed on 11th Bhadra 2080. 

The shares are issued for Rs. 225 per share (Rs 100 face value + Rs 125 premium price) to the locals of project affected people and for the Nepalese citizens working abroad at a price of Rs. 237.58 per share (Rs 100 face value + Rs 137.58 premium price).

According to CDS and Clearing Limited (CDSC) as of yesterday evening (i.e., September 11, 2023) a total of 402 applications have been received for 67,670 unit shares amounting to Rs. 15,225,750.

Individuals applying for the IPO must apply for a minimum of 10 shares. Residents from the project-affected areas have the opportunity to apply for a maximum of 1,500,000 shares.

In terms of the IPO rating, Infomerics Credit Rating Nepal has assigned the company an IRN triple B minus issuer rating. This suggests a moderate level of risk associated with the company's ability to meet its obligations.

The company's issuing and selling manager is NIMB Ace Capital Limited. Local residents can submit their applications through the designated branch offices of Nepal Investment Mega Bank, Citizens International Bank, Kumari Bank, Shine Resunga Development Bank, Global IME Bank, and Prime Commercial Bank.