. Snow Rivers Company Limited (Snow Rivers) has issued an initial public offering (IPO) from today.

In the first phase, the company is issuing the initial public offering (IPO) to the locals of the project-affected areas and the Nepalese employed abroad.

The company has been permitted to issue 18,75,000 units of shares worth Rs 18.75 crore, which is 20% of the issued capital of Rs 93.75 crore.

The company has issued 9,37,500 units of shares at the rate of Rs 100 per share to the locals of the project-affected areas.

The company has issued 468,750 units of shares to the locals of Sirijanga Rural Municipality-8 of Taplejung district and 468,750 units of shares to the locals of Sirijanga Rural Municipality-1 to 7, Sidingwa Rural Municipality-5 and 6, Pathibhara Yangwarak Rural Municipality-5 and 6 and Hilihang Rural Municipality-1 of Panchthar.

The company is issuing 93,750 units of ordinary shares at the rate of Rs 100 per share to the Nepalese employed abroad.

Locals can apply for a minimum of 10,000 units and maximum of 10,000 units of shares in the IPO.

Likewise, Nepalese working abroad can apply for a minimum of 10 units and maximum of 1,000 units of shares.

Locals of the project-affected areas can apply till April 23. If the application is not received as per the demand within the said period, the applicant can apply till April 22, 2083. Similarly, Nepalis who are in foreign employment can apply till March 12. If the application is not received as per the demand within the stipulated period, the application can be submitted till April 23.

ICRA Nepal has assigned ICRA NP Issue Rating Double B Plus to the company. This indicates a moderate risk to the company’s ability to meet its obligations. Sanima Capital has been appointed as the issue manager for the IPO issuance.

The interested bidders can bid for the shares from the local government at the project site at Yampuddin, Siri Junga branch of Nepal Bank, NMB Bank, Sanima and Global IME Bank’s Fungling branch. Nepalese who are in foreign employment can apply for the shares through the banks and financial institutions that have secured C Assurance from the Securities Board of Nepal and My Shares.