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 as they would be free to sell after 3 years of the public shares allotment date.

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

Swastik Laghubitta Has Lowest Floated Shares

Swastik Laghubitta has 229,845 floated shares, while promoters hold 60 percent of the company. Its shares were allotted on August 28, 2025, and the promoter lock-in period will continue 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 stood at Rs. 1,904.

The company has 577,500 listed shares in total, of which 231,000 are public, representing 40 percent of the total listed shares.

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.

Jhapa Energy Limited (JHAPA) ranks second with 558,879 floated shares. Promoters hold 75 percent of the company. Its shares were allotted on September 24, 2025, with the promoter lock-in period scheduled to expire on September 24, 2028.

The mutual fund lock-in ended on March 24, 2026. Jhapa Energy reported an EPS of Rs. 3.86 and a fourth-quarter net profit of Rs. 1.46 crore. Its latest traded price was Rs. 1,013.

The company has 3.8 million listed shares, including 950,475 public shares, equivalent to 25 percent of the total.

Everest Colour Limited (ECL) has 734,700 floated shares, placing it third on the list. Promoters hold 73.67 percent of the company.

The shares were allotted on June 18, 2026, and the promoter lock-in 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 a Q4 net profit of Rs. 2.21 crore. Its latest traded price was Rs. 1,400.

The company has 3 million listed shares, with 790,000 public shares accounting for 26.33 percent.

Kalinchowk Hydropower Limited (KHPL) has 767,250 floated shares, with promoters holding 75 percent.

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

The hydropower company reported an EPS of Rs. 1.10 and a fourth-quarter net profit of Rs. 0.61 crore. Its latest traded price stood at Rs. 760.

Kalinchowk Hydropower has 5.5 million listed shares, including 1.375 million public shares, or 25 percent of the total.

Chirkhwa Hydro Power Limited (CKHL) has 784,000 floated shares, while promoters hold 70 percent.

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

Among the 10 companies, Chirkhwa Hydro Power reported the highest fourth-quarter net profit, at Rs. 5.30 crore, with an EPS of Rs. 13.25. Its latest traded price was Rs. 575.

The company has 4 million listed shares, including 1.2 million public shares, representing 30 percent of the total.

Sarvottam Paints Industries Limited (SAPIL) has 790,500 floated shares, with promoters holding 75 percent.

The shares were allotted on June 25, 2026, and the promoter lock-in period will expire on June 25, 2029. The mutual fund lock-in date is December 25, 2026.

Sarvottam Paints recorded an EPS of Rs. 6.60 and a fourth-quarter net profit of Rs. 1.71 crore. Its latest traded price stood at Rs. 1,394.80.

The company has 3.4 million listed shares, of which 850,000 are public shares, equivalent to 25 percent.

Him Star Urja Company Limited (HIMSTAR) has 867,225 floated shares, with promoters holding 70 percent.

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

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

Him Star Urja has 3.73 million listed shares, including 1.119 million public shares, or 30 percent of the total.

Appolo Hydropower Limited (APHL) has 874,200 floated shares, while promoters hold 70 percent.

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

Appolo Hydropower reported a negative EPS of Rs. 6.65 and a fourth-quarter net loss of Rs. 1.93 crore. Its latest traded price was Rs. 689.

The company has 4.7 million listed shares, including 1.41 million public shares, representing 30 percent.

Mabilung Energy Limited (MABEL) has 1.47 million floated shares, while promoters hold 51 percent, the lowest promoter holding among the 10 companies.

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

Mabilung Energy reported a negative EPS of Rs. 1.16 and a fourth-quarter net loss of Rs. 0.45 crore. Its latest traded price stood at Rs. 567.30.

The company has 3.86 million listed shares, with 1.89 million public shares, accounting for 49 percent, the highest public-share proportion among the companies covered.

Salapa Bikas Bank Limited (SABBL) has the highest number of floated shares among the 10 companies, at 1.64 million shares. Promoters hold 67 percent.

The bank's 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 was July 8, 2026.

Salapa Bikas Bank reported an EPS of Rs. 1.46 and a fourth-quarter net profit of Rs. 1.95 crore. Its latest traded price was Rs. 870.

The bank has 5.22 million listed shares, including 1.724 million public shares, representing 33 percent.

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.