Earlier, the company issued 371,400 units of shares to the locals of affected area of Illam, Illam Municipality Ward no 1, 3 and 4 from May 22-June 25. The IPO was subscribed for 129,390 units of shares only.
The issue was assigned 'ICRA NP IPO Grade 5' by ICRA Nepal indicating below average fundamentals.
The company will add the unsubscribed shares to the total number of shares to be issued to general public. Earlier, it was supposed to issue 39 percent of issued capital i.e. 1,448,460 units of shares to the general public. However, adding the unsubscribed shares of the earlier IPO, the number of shares totals 1,690,470.
The company has appointed Siddhartha Capital as its issue manager.
