10 NEPSE Companies with the Lowest Public Float; When Will Promoter Shares Be Unlocked?

A review of companies listed on the Nepal Stock Exchange (NEPSE) shows that some recently listed companies have only a small number of shares available for public trading.

For this analysis, data on 52 companies whose promoter-share lock-in periods are yet to expire were reviewed. Companies that issued IPOs more than three years ago and have already completed their promoter lock-in period have been excluded.

The analysis focuses only on shares that form part of the public float. This includes shares issued to the general public, foreign migrant workers and mutual funds. Project-affected and employee shares have not been counted.

Based on the number of publicly floated shares, Swastik Laghubitta has the smallest public float among the companies reviewed.

Swastik Laghubitta Bittiya Sanstha Limited (SWASTIK) has only 231,000 public shares, or 40 percent of its total 577,500 listed shares. The shares were allotted on August 28, 2025, and the promoter lock-in period will run until August 28, 2028. The mutual fund lock-in period ended on February 28, 2026.

The company reported an EPS of Rs. 21.11 and a net profit of Rs. 1.21 crore in the fourth quarter of FY 2082/83. Its latest traded price was Rs. 1,904.

Note: For BFIs and microfinance institutions, employee/staff shares may become eligible for trading after the applicable three-year lock-in period, while promoter shares remain subject to the prevailing regulatory restrictions and cannot be freely sold merely upon completion of the three years.

Everest Colour Limited (ECL) has 790,000 public shares, accounting for 26.33 percent of its 3 million listed shares.

Its shares were allotted on June 18, 2026, and the promoter lock-in period will expire on June 18, 2029. The mutual fund lock-in date is December 18, 2026.

Everest Colour posted an EPS of Rs. 7.38 and earned a Q4 net profit of Rs. 2.21 crore. Its latest traded price was Rs. 1,400.

Sarvottam Paints Industries Limited (SAPIL) has 850,000 public shares, making up 25 percent of its 3.4 million listed shares.

The company allotted its shares on June 25, 2026. Its promoter lock-in period will end on June 25, 2029, while the mutual fund lock-in date is December 25, 2026.

Sarvottam Paints recorded an EPS of Rs. 6.60 and a Q4 net profit of Rs. 1.71 crore. The stock was last traded at Rs. 1,394.80.

Him Star Urja Company Limited (HIMSTAR) has 1.119 million public shares, representing 30 percent of its 3.73 million listed shares.

The shares were allotted on July 16, 2025, and the promoter lock-in period will expire on July 16, 2028. Its mutual fund lock-in period ended on January 16, 2026.

The company reported an EPS of Rs. 1.15, but remained in the red in the fourth quarter, posting a net loss of Rs. 11.80 crore. Its latest traded price was Rs. 659.90.

Jhapa Energy Limited (JHAPA) has 950,475 public shares, equivalent to 25 percent of its 3.8 million listed shares.

Its shares were allotted on September 24, 2025, and the promoter lock-in period will expire on September 24, 2028. The mutual fund lock-in ended on March 24, 2026.

The company reported an EPS of Rs. 3.86 and Q4 net profit of Rs. 1.46 crore. Its latest traded price stood at Rs. 1,013.

Mabilung Energy Limited (MABEL) has 1.89 million public shares, which account for 49 percent of its 3.86 million listed shares, the highest public-share percentage among the 10 companies on the list.

Its shares were allotted on August 24, 2025, and the promoter lock-in period will end on August 24, 2028. The mutual fund lock-in ended on February 24, 2026.

The company reported a negative EPS of Rs. 1.16 and a Q4 net loss of Rs. 0.45 crore. Its latest traded price was Rs. 567.30.

Chirkhwa Hydro Power Limited (CKHL) has 1.2 million public shares, representing 30 percent of its 4 million listed shares.

Its shares were allotted on November 2, 2023, and the promoter lock-in period is scheduled to expire on November 2, 2026.

The company reported an EPS of Rs. 13.25 and a Q4 net profit of Rs. 5.30 crore, the highest quarterly profit among the 10 companies listed here. Its latest traded price was Rs. 575.

Appolo Hydropower Limited (APHL) has 1.41 million public shares, equivalent to 30 percent of its 4.7 million listed shares.

The shares were allotted on April 24, 2026, and its promoter lock-in period will end on April 24, 2029. Its mutual fund lock-in date is October 24, 2026.

The company posted a negative EPS of Rs. 6.65 and a Q4 net loss of Rs. 1.93 crore. Its latest traded price was Rs. 689.

Salapa Bikas Bank Limited (SABBL) has 1.724 million public shares, representing 33 percent of its 5.22 million listed shares.

The shares were allotted on January 9, 2026, and the promoter lock-in period will expire on January 9, 2029. The mutual fund lock-in date is July 8, 2026.

The bank reported an EPS of Rs. 1.46 and Q4 net profit of Rs. 1.95 crore. Its latest traded price was Rs. 870.

Kalinchowk Hydropower Limited (KHPL) completes the top 10, with 1.375 million public shares, or 25 percent of its 5.5 million listed shares.

The shares were allotted on April 20, 2026, and the promoter lock-in period will expire on April 20, 2029. Its mutual fund lock-in date is October 20, 2026.

Kalinchowk Hydropower reported an EPS of Rs. 1.10 and Q4 net profit of Rs. 0.61 crore. Its latest traded price stood at Rs. 760.

Swastik Laghubitta has the smallest number of public shares at just 231,000, followed by Everest Colour with 790,000 and Sarvottam Paints with 850,000.

The size of the public float can have a significant bearing on a stock's liquidity, particularly when the number of shares available for regular trading is small. However, a low public float alone does not indicate whether a stock is overvalued or undervalued. Investors also need to look at the company's earnings, financial position, valuation, and the potential impact of additional shares entering the market when lock-in periods expire.

Note: The analysis is based on the compiled data of 52 companies whose promoter-share lock-in periods have not yet expired. The financial figures cited are from the Q4 results of FY 2082/83. The data is compiled on 30th August, 2026 using the LTP of 27th August, 2026.