Digital payment service provider Fonepay is planning to issue 20% of its shares to the public through an Initial Public Offering (IPO). The company currently has a paid-up capital of Rs 51 crore.
To move forward with the IPO, Fonepay has signed a financial advisory agreement with NMB Capital. The company is currently preparing its financial report for the fiscal year 2081/82. The decision on whether to issue shares at a premium or at face value will be made after the report is completed.
Meanwhile, the Khaitan Group is set to join Fonepay as a new investor. The group is preparing to purchase a 20% stake in the company for Rs 1.4 billion, valuing Fonepay at approximately Rs 7 billion. The approval process for this deal is currently underway at Nepal Rastra Bank.
