Mountain Energy Nepal Limited (MENL) has closed its IPO to project-affected locals yesterday, i.e. Ashwin 29.
According to the issue manager Nabil Investment Banking Limited, the issue received applications for a total of 21,26,080 units from 1,812 applicants. Thus, the issue is oversubscribed by a little over 1.09 times.
This was an interesting IPO issue. Although the issue had to be postponed and the deadline was extended multiple times, it is subscribed fully nonetheless.
The IPO issue for locals was initially open from Bhadra 31 to 14th Ashwin, 2077. Since it was unsubscribed, the issue was extended to 29th Ashwin, 2077. Mountain Energy Nepal Limited had planned to issue 19,68,020 unit shares to project-affected locals as Initial Public Offering (IPO) from Shrawan 8 till Shrawan 22, 2077. However, because of numerous landslides throughout the country, Mountain Energy Nepal was unable to provide IPO-application services to the project-affected locals. While IPOs to the general public can be filled online, IPOs to projected-affected locals still have to be submitted with a hardcopy application form.