Kathmandu. Palpa Cement Industries (Palpa Cement) is to issue initial public offering (IPO) to the locals of the industrial-affected areas and the Nepali migrant workers who have gone abroad for foreign employment from January 25.

The company is issuing 20% of the issued capital of Rs 3.75 billion i.e. 7.5 million units of shares at the rate of Rs 100 per share. Out of this, 18.75 crore units of shares will be issued to the locals of the affected area.

The locals of West Nawalparasi and Palpa district where the mines are located can apply for the shares.

Interested bidders can collect the bidders from Nabil Bank’s branch office at Tansen, Bardaghat, Bulibatar, Gaindakot branch of Prabhu Bank and Siddhartha Bank at Palpa, Bardaghat and Parasi branch of Siddhartha Bank.

Similarly, Nepalese who have gone abroad with work permit can apply for 5,62,500 units of shares worth Rs 5,62,50,000. Applications can be place for minimum 10 units and maximum 1,000,000 units.

Locals can apply till January 9. If the application is not received as per the demand within this period, the application can be submitted till February 25.

Nepalis who are in foreign employment can apply till January 30 at the earliest. If the application is not received as per the demand within this period, the application can be submitted till January 9.

Nabil Investment Banking has been appointed as its issue manager.

Nepalese who are in foreign employment can apply for the shares through banks and financial institutions with C Ashwa members from the Securities Board of Nepal and My Shares.