Mountain Energy to issue postponed IPO to locals of affected area from September 16

Sep 14, 2020 10:37 AM Merolagani

Mountain Energy is set to issue previously postponed initial public offering (IPO) from September 16. The company was supposed to issue the IPO from July 23, however, it was postponed due to the lockdown imposed by the government to control spread of COVID-19.

In the first phase, the company will issue 1,968,027 units of primary shares worth Rs 196.8 million to the locals of the affected area of Nuwakot and Myagdi District.

The company obtained an approval to issue 20 percent of IPO of its issue capital from SEBON. The company will issue 3,936,054 units of primary shares to the general public. In the first phase,  it will issue IPO to the locals of the affected area and in the second phase, it will issue shares to the general public.

The interested locals of the affected area can apply for the shares from September 16. The issue will close early on September 30 and lately on October 15.

The issue is being managed by Nabil Investment Banking. The interested investors can apply for a minimum of 10 and a maximum of 20,000 units of shares.

Care Ratings Nepal has assigned Grade 4 rating to the IPO indicating below average fundamentals.

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