Mount Everest Power Development Limited has completed the allotment of its Initial Public Offering (IPO) issued to project-affected local residents.

The allotment process was carried out on Wednesday morning at the office of the issue manager, NIMB Ace Capital. The company had offered a total of 880,000 shares to residents of Solududhkunda Municipality in Solukhumbu district.

According to the allotment results, applicants under the highly affected category who applied for up to 150 shares received their requested allotment in full. Those applying for more than 150 shares were allotted 150 shares, while 292 applicants received an additional 10 shares through a lottery, taking the maximum allotment in this category to 160 shares.

Similarly, applicants in the affected category who applied for up to 60 shares received their requested amount. Those applying for more than 60 shares were allotted 60 shares, while 1,777 applicants received an additional 10 shares through a lottery, increasing the maximum allotment to 70 shares.

Following the successful completion of the local IPO allotment, the company is now preparing to launch its IPO for the general public in the next phase.