Today marks the conclusion of the IPO allotment for Muktinath Krishi Company Limited, held at the office of the issue manager, NIMB Ace Capital Limited in Kathmandu.
The company initially offered 11,48,000 units of IPO shares
at a par value of Rs 100 each to the general public from the 8th to the 12th of
Mangsir, 2080.
Out of the total 14,00,000 units, 10% (1,40,000 units) were
allocated to Nepalese citizens working abroad, 3% (42,000 units) for the
company's employees, and 5% (70,000 units) for mutual funds. The remaining
11,48,000 units were open to the general public.
The response was overwhelming, with 12,74,567 valid
applicants seeking a total of 1,36,04,910 units, resulting in an
oversubscription of over 11.85 times.
Using a lottery system, 1,14,800 applicants were allotted 10
units each, leaving 11,59,767 applicants without any allotment. Additionally,
70,000 units were allocated to mutual funds, 42,000 units to company employees,
and 4,300 applicants applying for 59,880 units were disqualified.
ICRA Nepal has reaffirmed Muktinath Krishi Company Limited's
issuer rating at [ICRANP-IR] BB-, indicating a moderate risk of default in
meeting financial obligations. The company is associated with Muktinath Bikash
Bank, established in 2075 to play a managerial role in the agricultural value
chain. Through campaigns like "Krishak sanga Muktinath" and
"Upabhoktaa sanga Muktinath," it aims to boost Nepal's agricultural
economy, serving over 70 districts, 200 distribution channels, and Agricultural
Resource centers nationwide.
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