Kathmandu. SY Panel Nepal Limited (SY Panel) is going to issue Initial Public Offering (IPO). The company is going to issue IPO from September 23.

In the first phase, the company will issue IPO to the locals of the industrial-affected areas and to the Nepalese employed abroad.

The company has been permitted to issue 40% of the issued capital of Rs 1,30,89,37,100 i.e. 5,232,54,800 units of shares. The company is issuing 2,61,629 units of ordinary shares at the rate of Rs 100 each to the locals of the affected areas.

Local residents of all wards of Ratnanagar Municipality in Chitwan district can apply for the IPO. Similarly, the government will issue 4,97,092 units of ordinary shares worth Rs 4,97,09,200 to the Nepalese who are abroad for employment.

Similarly, the company has set aside 1,49,127 units for employees and 2,48,546 units for mutual funds. Applications can be place for minimum 10 units and maximum 50,000 units.

The affected locals can apply for the shares from Prabhu Capital, SY Panel Nepal, Prabhu Bank’s Sauraha branch and Tandi branch of Prabhu Bank.

Similarly, Nepalese who are in foreign employment can apply from banks and financial institutions approved by the Securities Board of India (SEBON) and through ASBA member banks and my shares.