Kathmandu. Mabilung Energy Limited is issuing the first round of IPO from July 1. The company is issuing an IPO for the local residents of the project-affected areas and Nepalis in foreign employment.

The company had received permission to issue 1,890,530 units of shares worth Rs 189 million or 48.9998 per cent of the issued capital of Rs 385.824 million. Out of this, 385,824 units of ordinary shares worth Rs 38,582,400 per share will be issued to the local residents of the project-affected areas. Local residents of Madi Municipality-7, 8, 9 and Chainpur Municipality-2, 3, 7, 8 and 9 of Sankhuwasabha district can apply for the purchase of the shares.

In addition, 150,471 units of ordinary shares worth Rs 15,047,100, representing 10 per cent of the shares allocated for general investors, will be issued to Nepalis employed abroad after obtaining labour permit from the concerned authorities of the Government of Nepal.

Applications can be made for a minimum of 10 units and a maximum of 50,000 units. For the local residents of the project-affected areas, the closure will be held at the earliest on July 15 and the late one on July 15. Nepalis in foreign employment will have to apply by July 15.

Laxmi Sunrise Capital Limited is the sales manager. Applications can be made through C-ASBA member banks and financial institutions, their branches and my shares. After the first phase, the second phase of IPO will be issued for the general public.