Kathmandu. Salpa Bikas Bank is going to open its IPO from January 30. The bank is going to issue the IPO to the general public after the IPO issuance for the Nepalese working abroad.

The bank was allowed to issue 17,23,880 units of shares worth Rs 17,23,88,000 i.e. 33 per cent of the issued capital.

In the first phase, 1,72,388 units of shares have been allotted to the Nepalese working abroad after obtaining labour permit from the concerned body of the government. In addition, the bank has allotted 86,194 units shares to mutual funds.

In the second phase, the bank will be issuing 14,39,179 units of shares worth Rs 14,39,17,900 to the general public at a face value of Rs 100 per share.

Applications can be submitted till January 20. If there are not enough applications within this period, the issue period will be extended till January 12. Applications can be place for minimum 10 units and maximum 1000 units.

Infomerics Credit Ratings Nepal has assigned IRN Single B Issuer Rating to the bank. This indicates that the company is at high risk in terms of being able to meet its financial obligations over time.

Muktinath Capital Limited has been appointed as the issue manager for the IPO issuance. The interested investors can apply for the ASBA service from the banks and financial institutions participating in the ASBA service through the C-ASBA system. In addition to this, the applicants can also apply through the C-ASBA system using the software ‘Mero Share’ developed by CDS and Clearing Limited.