Mount Everest Power Completes IPO Allotment for Local Residents; How Many Shares Were Distributed?
Mount Everest Power Development Limited has completed the allotment of its IPO issued to project-affected local residents of Solukhumbu. Most applicants received shares based on their application category.
Mount Everest Power Development Limited has completed the allotment of shares issued to project-affected local residents under its Initial Public Offering (IPO) program.
The allotment was conducted on Wednesday morning by issue manager NIMB Ace Capital Limited.
The company had offered 680,000 ordinary shares to residents of Solududhkunda Municipality in Solukhumbu District beginning on April 30.
According to the allotment results, applicants from the highly affected category who applied for up to 150 shares received the full amount requested. Those applying for more than 150 shares were allotted a maximum of 150 shares.
Additionally, 292 applicants in this category received an extra 10 shares through a lottery process, bringing the maximum allocation to 160 shares.
Similarly, applicants from the affected category who applied for up to 60 shares received shares as requested. Those applying for larger quantities received a maximum of 60 shares.
A further 1,777 applicants received an additional 10 shares through a lottery, increasing the maximum allocation in this category to 70 shares.
Following the successful allotment to local residents, the company is now preparing to launch its IPO for the general public. Approval for the public offering was granted by Nepal’s securities regulator earlier this year.