Kalinchowk Darshan Limited IPO Collects Rs. 3.5 Crores From Nepalese Employed Abroad Till Fifth Day; IPO Oversubscribed by 3.24 Times

CDS & Clearing Limited (CDSC) has reported the data of public IPO collection of Kalinchowk Darshan Limited (KDL) for Nepalese citizens working abroad as of 10 am today i.e Mangsir 19.

Kalinchowk Darshan Limited is issuing IPO to the project-affected locals and Nepalese citizens working abroad from Mangsir 14, and will conclude on Mangsir 28, 2079. The closing date for project-affected locals can be extended till Poush 14. The issued capital of the company is Rs. 60 Crores of which 2% i.e. 1,20,000 unit shares worth Rs. 1.2 crores have been allocated to project-affected locals. Meanwhile, 18% of the company's issued capital i.e. 10,80,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 1,08,000 unit shares have been allocated for Nepalese citizens working abroad.

Nabil Investment Banking Limited is appointed as the issue manager for the IPO issuance. For the project-affected locals, the minimum application quantity is 10 units while the maximum quantity is 4,990 units. Meanwhile, for Nepalese citizens working abroad, the minimum application quantity is 10 units while the maximum quantity is 10,800 units.

According to CDSC, 982 applications have been received through Nepalese citizens working abroad for a total of 350,270 units. Thus, the issue is already oversubscribed by 3.24 times so far.

CARE Ratings Nepal Limited (CRNL) has assigned the rating of ‘CARE-NP BB+(Is)’ to Kalinchowk Darshan Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.