Kathmandu. Kalanga Hydro Limited is going to issue the initial public offering (IPO).

The company has been issuing the IPO for the local residents of the project-affected area and the Nepalese employed abroad after the IPO allotment.

The company was allowed to issue 49 lakh units of shares worth Rs 490 million, which is 35 percent of the issued capital of Rs 1.40 billion. Out of the total offered shares, 14,00,000 units are for the locals of the project affected area and 3,50,000 units are for the Nepalese who are employed abroad.

Similarly, 1,95,000 units have been set aside for mutual funds and 1,05,000 units have been allotted for the employees.

The remaining 28,70,000 units of shares worth Rs 28.70 crore will be issued to the general public.

Applications can be place for minimum 10 units and maximum 20,000 units. The application for the IPO can be held from May 22 to May 23. If the application is not received as per the demand within this period, the application can be submitted till June 22.

Sanima Capital has been appointed as the issue manager for the IPO issuance. The interested bidders can apply for the shares from the Securities Board of Nepal (SEBON) through ASBA member banks and financial institutions.