Mountain Energy Nepal's IPO closes with 6,74,416 applicants; Issue oversubscribed 7.62 times

Mountain Energy Nepal Limited has closed the IPO issue of 19,68,027 unit shares yesterday (Mangsir 3). The issue was open since Kartik 26.

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

Nabil Investment Banking Limited is the issue manager for this IPO. According to the issue manager Nabil Invest, the IPO received 6,74,416 applications for a total of 1,39,44,410 units. Thus, the issue is oversubscribed by 7.62 times in terms of the volume of units issued. If one looks at the number of applicants, the issue received significant interest from investors, given that only 1,83,026 applicants will get 10 units each via lottery. 

After the issuance of the IPO, the paid-up capital will increase to Rs 1.96 Arba and the promoter/public shareholding ratio will be 80:20.