Mountain Energy Nepal Limited's IPO oversubscribed by number of applicants as well; Lottery is confirmed now for 10 units each

Today is the second day of Mountain Energy Nepal Limited's IPO issue. The company has opened the IPO for 19,68,027 unit shares to the general public from Kartik 26. 

Out of the offered 19,68,027 units, 2% of the total offered shares have been set aside for the employees of the company and 5% has been set aside for the mutual funds. The remaining 18,30,265 units are for the general public.

Nabil Investment Banking Limited has been appointed as the issue manager for the IPO issuance.

According to CDS and Clearing Limited, the issue has received 2,78,616 applications for a total of 62,25,410 units as of 4 pm today. Thus, the issue is oversubscribed. Even if an applicant receives only the minimum 10 units each, the issue is already subscribed to its fullest (and more). Hence, it is already fixed on the second day that the shares will be allotted via the lottery.