Lucky 13,750 Applicants Gets 10 Units Each of Nepal Warehousing Company

Fri, Nov 24, 2023 11:35 AM on Latest, IPO/FPO News, Share Allotment,

Nepal Warehousing Company Limited has allotted IPO shares to Foreign Nepalese employees. The allotment program concluded on 7th Mangsir, 2080.

The company's issued capital stands at Rs. 68.75 Crores of which 20% i.e. 13,75,000 unit shares worth Rs. 13.75 Crores will be issued for the general public from 10th Mangsir, 2080. Of this public issue, 10% of the shares totaling 1,37,500 units were issued to Nepalese citizens working abroad from 10th Kartik to 24th Kartik, 2080.

As per the allotment module, the issue had received a total of 32,605 applications for 7,86,220 units.

In total 1,37,500 units were allotted to 13,750 valid applicants with 10 units each. Applications could be placed for a minimum of 10 units and a maximum of 50,000 units.

Himalayan Capital has been appointed as the issue manager.

ICRA Nepal has reaffirmed the issuer rating of [ICRANP-IR] BB- (pronounced ICRA NP issuer rating double B minus) to Nepal Warehousing Company Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.

Nepal Warehousing Company was established under the Company Act, 2063 of Nepal to cater to the warehousing needs of the farmers, traders, millers, and businessmen who deal in the trade of grains for their commercial and industrial purposes. These actors more often face post-harvest losses, degraded product quality for further use, and most frequently face problems of keeping grains in a healthy environment for a long time. In order to keep the quality of grains stored intact for a long time, the Nepal Warehousing Company Ltd has brought the solution by installing high-quality silos of 55,000 MT capacity at three different places in province number 1, province number 2, and in Lumbini province.