Muktinath Krishi Company Limited is closing the issue of 11,48,000 units IPO shares at a par value of Rs. 100 from today i.e. on 12th Mangsir. The issue opened on 8th Mangsir, 2080 for the general public.
Out of the total 14 lakh units; 10% i.e. 1,40,000 units have already been alloted to Nepalese citizens working abroad, whereas 3% i.e. 42,000 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 70,000 units have been set aside for the mutual funds. The remaining 11,48,000 units are for the general public, the issue of which will close from today.
NIMB Ace Capital Limited is appointed as the issue manager. Applications can be placed for a minimum of 10 units and a maximum of 1,000 units.
According to CDSC, 10,57,828 applicants have applied for a total of 1,15,23,150 units worth Rs. 1.15 Arba. Thus, the issue has already been oversubscribed by 10.03 times so far.
ICRA Nepal has reaffirmed the issuer rating of Muktinath Krishi Company Limited at [ICRANP-IR] BB- (pronounced ICRA NP Issuer Rating Double B minus). Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.
Muktinath Krishi Company is an associate company of Muktinath Bikash Bank, the first public agricultural company established in 2075 with the aim of playing a managerial role in the overall agricultural value chain through the "Krishak sanga Muktinath" and "Upabhoktaa sanga Muktinath" campaigns, with the goal of improving Nepal's agricultural economy. The company is providing goods and services in more than 70 districts throughout the country, more than 200 distribution channels, and Agricultural Resource centers.