Sarbottam Cement Allots IPO

Feb 14, 2024 02:15 PM Merolagani

Sarbottam Cements has allotted recently issued initial public offering (IPO) issued to locals of affected area on February 14 in the premises of Global IME Capital, issue manager of the company.

The company issued 930,000 units of shares to local of industry affected areas of wards no 3,4,5,6 and 13 of Sunwal Municipality, Nawalparasi District and local of mining-affected of wards no 1 and 2 of Rainadevi Chahara Rural municipality of Palpa District, Ward non 2, 3,4 and 6 of Ribdikot Rural Municipality, ward non 7 and 8 of Mathagadid Rural municipality and ward no 7 of Nisdi Rural Municipality at Rs 360.90 per unit.

In the issue, 1,224 applicants applied for 248,503 units of shares at a total of Rs 89.6 million.

As per Book Building Guidelines, 2077, section (16) subsection (2), each applicant is required to allot at least 50 units of shares. Given that the issue was undersubscribed each applicant will be provided at least 50 units of shares as per Securities Issuance and Allotment Guidelines, 2074.

Moreover, the unsubscribed 681,530 units of shares will be added to the upcoming issue to the general public.

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