Today is the final day to apply for the IPO of Salapa Bikas Bank under the first phase meant for Nepalis working abroad. The bank has opened this IPO exclusively for foreign-employed Nepali citizens who have received labor approval from the government.
IPO details for foreign workers
The IPO for foreign-employed Nepalis was opened on Mangsir 25. Under this category, the bank has issued 10 percent of the total public offering, which comes to 172,388 shares. Eligible applicants can apply for a minimum of 10 shares and a maximum of 25,000 shares. Salapa Bikas Bank has received approval from the Nepal Securities Board to issue 1,723,880 shares at a face value of Rs 100 per share. The total value of the IPO stands at Rs 172.38 million.
Share allocation breakdown
Out of the total IPO, 5 percent or 86,194 shares are reserved for mutual funds, 0.5 percent or 26,119 shares are set aside for employees, and 10 percent or 172,388 shares are allocated for Nepalis working abroad. The remaining shares will be issued to the general public in the second phase. Applications can be submitted through all ASBA-approved banks and financial institutions, their designated branches, and also through the Mero Share online system.
Muktinath Capital Limited is the issue and sales manager for the IPO. After completing the first phase for foreign-employed Nepalis, the bank will move to the second phase and issue 1,439,179 shares to the general public.
