Kathmandu. SY Panel Nepal Limited (SY Panels) has issued an initial public offering (IPO).

In the first phase, the company has issued shares to the project-affected locals and Nepalis who are in foreign employment after obtaining labour permit.

The company has been permitted to issue 5,232,548 units of shares worth Rs 52,32,54,800 i.e. 40 percent of the issued capital of Rs 1,30,89,37,100. A total of 2,61,629 units of ordinary shares worth Rs 2,61,62,700 each have been issued for the locals of the affected areas. Locals of all wards of Ratnanagar Municipality in Chitwan can apply.

The company will be able to apply for 10 percent of the shares worth Rs 4,97,09,200 and 4,97,092 units of shares. Likewise, 1,49,127 units have been set aside for the employees of the company and 2,48,546 units have been set aside for mutual funds.

Applications can be place for minimum 10 units and maximum 50,000 units. Locals of the industry-affected areas can apply till October 21. If the application is not received as per the demand within this period, the application can be submitted till October 9. Nepalis who are in foreign employment can apply till October 10. If the application is not received as per the demand within the stipulated period, the applicant can apply till October 21.

Prabhu Capital has been appointed as the issue manager for the company. Interested bidders can apply for the IPO by following the online link provided by SY Panel Nepal, Ratnanagar, Chitwan, Prabhu Capital, Kamaladi and Kamaladi Capital. Moreover, the bidders can bid from Prabhu Bank’s Sauraha and Tandi branch offices.

Nepalese who are in foreign employment can apply from the Securities Board of Nepal (SEBON) through the banks and financial institutions (BFIs) that are members of the Securities Board of Nepal (SEBON) and Mero Shares.