Kathmandu. Srinagar Agritech Industries Limited is going to launch its IPO from Wednesday. The company is going to issue an IPO for the local residents of the industry-affected areas and Nepalis in foreign employment.

The company had received permission to issue 3,262,500 units of shares worth Rs 326.25 million or 20 per cent of the issued capital of Rs 1.63 billion. Out of this, 163,125 units of ordinary shares worth Rs 16.31 million will be issued for the local residents of the industry-affected areas at the rate of Rs 100 per share, which is 1 percent of the issued capital. Local residents of Rupandehi and Palpa districts can apply for the shares.

In addition, 309,938 units of ordinary shares worth Rs 30,993,800, representing 10 per cent of the shares allocated for general investors, will be issued for Nepalis employed abroad after obtaining labour permit from the concerned bodies of the Government of Nepal.

Applications can be made for a minimum of 10 units and a maximum of 10,000 units. For the local residents of the industry-affected areas, the issue closure will be held on September 15 and the late one will be on September 15. For Nepalis in foreign employment, the closure of the eviction will be held on September 15 and the late one will be on September 15.

Nepalis in foreign employment can apply through the CASBA system from all CASBA member banks and financial institutions and their designated branch offices approved by the Securities Board of Nepal. Residents of industry-affected areas will have to pay a fee of Rs 2 for the application form to get the share purchase application.

Nabil Investment Banking is the issue manager of the company. Residents of the industry-affected areas can apply from Nabil Bank’s Tansen, Palpa and Farsatikar branches, Rupandehi, NMB Bank’s Tanshan, Palpa and Farsatikar branches and Global IME Bank’s Tansen and Palpa branches.