IPO Allotment Of Kalinchowk Darshan Concluded [IPO Result]

February 2, 2023 | Investopaper

IPO Allotment Of Kalinchowk Darshan Limited

Nabil Investment Banking Limited, the issue manager for the initial public offering (IPO) of Kalinchowk Darshan Limited, has concluded the IPO allotment process on Thursday.

After the allotment, 89,640 applicants have received 10 shares each. A total of 14,73,969 people had applied for the shares. Out of the total applicants, 8,206 applications were disqualified. More than 13.76 lakh applicants were left empty-handed.

To view the IPO result of Kalinchowk Darshan Limited, click the link below:

IPO Result Of Kalinchowk Darshan Limited

IPO To General Public

After the first phase, Kalinchowk Darshan Limited had issued shares to the general public in the second phase of the initial public offering (IPO). The IPO to the general public was open from Magh 3, 2079 BS. The company had sold 9,72,000 shares to the public, including the mutual fund schemes and the employees of the company.

Due to over-subscription of shares, the public offering was closed on Magh 6, 2079 BS.

Out of the total shares, 54,000 shares are allotted to the mutual fund schemes. Likewise, 21,600 shares are reserved for the employees of the company. Hence, the general public could participate in the remaining 8,96,400 shares.

Interested investors could apply for a minimum of 10 shares and a maximum of 4,990 shares.

First Phase: IPO To Locals & Foreign Employed Nepalese

In the first phase of the IPO, the company had sold shares to the locals of the project affected areas and to the Nepalese in Foreign Employment from Mangsir 14, 2079 BS.

Due to full subscription of shares, the IPO to locals was closed on Mangsir 28, 2079 BS. Similarly, the IPO to the Nepalese in foreign employment was closed on Mangsir 28, 2079 BS.

The company had floated 1,20,000 shares to the locals of Dolakha district that amounts to Rs. 1.2 crores. Likewise, the company had sold 1,08,000 shares to the Nepalese in foreign employment (10 percent quota from the IPO to general public).

The locals could apply for a minimum of 10 shares and a maximum of 4,990 shares. Similarly, the Nepalese in foreign employment could subscribe for a minimum of 10 shares and a maximum of 10,800 shares.

In total, the company plans to sell 12,00,000 shares in the public offering [Including locals of the project affected area and Nepalese in foreign employment]. At a par value of Rs 100, the total public issue amounts to Rs 12 crores.

Securities Board Of Nepal (SEBON) granted the permission to the company on Karthik 23, 2079 BS. The company had submitted the application to SEBON on Chaitra 15, 2078 BS seeking permission to float the shares. Only after the approval from SEBON, the company can sell the shares to the general public.

The general public along with locals will possess 20 percent share in the company. Likewise, the promoters will hold the remaining 80 percent shares.

The total paid-up capital will reach Rs. 60 crores after the IPO [if fully subscribed].

Nabil Investment Banking Limited was the issue and the sales manager for the IPO. An agreement was reached between the company and Nabil Investment Banking in this regard. Ashok Shiwakoti, CEO of Kalinchowk Darshan Limited and Manish Narayan Joshi, CEO of Nabil Investment Banking Limited signed the agreement for IPO issuance.

The company is operating a cable car service in Kalinchowk.

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