NIBL Ace Capital appointed the share registrar of Mountain Energy Nepal Limited: Company recently concluded IPO issue

Fri, Nov 20, 2020 1:05 PM on Latest, Share Registrar,

Mountain Energy Nepal Limited has appointed NIBL Ace Capital as its share registrar.

Mountain Energy Nepal Limited is incorporated in Nepal under the Companies Act, 2053 with its registered office at Dillibazar, Kathmandu.

The hydropower company had recently issued 19,68,027 unit ordinary shares in an IPO from Kartik 26. The issue concluded on Mangsir 03. According to the issue manager, the IPO received 6,74,416 applications for a total of 1,39,44,410 units. Thus, the issue was 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.

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.

The Share Registrar Service Agreement was made between Mountain Energy Nepal Limited and NIBL Ace Capital on Mangsir 04, 2077. Among other responsibilities, a share registrar is responsible for tracking and keeping the records of the shareholders after the issuer provides securities to the public. 

With this, NIBL Ace Capital Limited now serves as the share registrar of 43 companies, including the recently added Mountain Energy Nepal Limited.