Chandragiri Hills To Issue IPO To Locals From Mangsir 17

November 25, 2020 | Investopaper

Chandragiri Hills has started the process of issuing IPO  after receiving the approval from the Securities Board of Nepal (SEBON). In the first phase, Chandragiri Hills will issue 306,819 shares to the locals of the project-affected areas from Mangsir 17, 2077. The IPO issue will remain open until Poush 1, 2077. If it remains under-subscribed until that period, it will extend to Poush 16, 2077

Locals of Chandragiri Municipality Ward No. 3, 4, 6 and 7 of Kathmandu, Thaha Municipality Ward No. 9 and 10 of Makwanpur and Indrasarobar Village Municipality Ward No. 5 can apply for the IPO.

Interested locals can apply for a minimum of 10 shares and a maximum of 3,060 shares.

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The company will issue shares to the general public in the second phase after the completion of this issuance process. Chandragiri Hills had received permission from the SEBON to issue 18.41 lakh shares worth Rs 18.40 crores on Karthik 28, 2077.  It had  submitted the application to SEBON  on Jestha 25, 2077.

The public issue is equivalent to 12 percent of the company’s total issued capital of Rs 1.53 Arba. After issuing shares to the locals, the company will issue the remaining 15.34 lakh shares to the general public.

Global IME Capital Limited is the issue manager for the IPO.

After the IPO, the locals and general public will possess 12 percent share in the company. Likewise, the promoters will hold 88 percent ownership.

Chandragiri Hills has signed an agreement with Citizens Investment Trust (CIT) to underwrite the shares. If the shares remain under-subscribed, then CIT will have to purchase the remaining unsold shares.

Located at Thankot, Kathmandu, Chandragiri Hills is led by the chairman Chandra Prasad Dhakal. Abhisekh Bikram Shah is the general manager of the company.

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