Kathmandu. Snow Rivers Company is going to issue ordinary shares (IPO).

In the first phase, the company is issuing the initial public offering (IPO) to the locals of the project-affected areas from March 9 and for the Nepalis who have gone abroad for foreign employment.

The company has been permitted to issue 18,75,000 units of shares worth Rs 18.75 crore i.e. 20% of the issued capital of Rs 93.75 crore. Out of this, 9,37,500 units of ordinary shares worth Rs 937,50,000 will be issued to the locals of the project-affected areas.

Among the locals in the project-affected areas, the most affected area is Sirijanga Rural Municipality of Taplejung district. A total of 468,750 units of land will be provided to the locals of Ward No. 8 of Taplejung district. Ward No. 1 to 7 of Sidingwa Rural Municipality. Ward No. 5 and 6 of Pathibhara Yangwarak Rural Municipality. Ward No. 5 and 6 of Hilihang Rural Municipality of Panchthar district. A total of 4,68,750 units of shares will be allotted to the local residents of Ward No. 1.

Likewise, 93,750 units of ordinary shares worth Rs 93,75,000 at a face value of Rs 100 per share will be issued to Nepalese working abroad after obtaining labour permit from the concerned body of the government.

Applications can be place for minimum 10 units and maximum 10,000 units. Applications can be applied for up to 1,000 units of shares for foreign employment. Locals of the project-affected areas can apply till April 23. If the application is not received as per the demand within the stipulated period, the applicant can apply till April 22, 2083. Similarly, Nepalis who are in foreign employment can apply till March 25. If the application is not received as per the demand within that period, the applicant can apply till April 23.

Sanima Capital has been appointed as the issue manager for the IPO issuance. The local people can bid for the shares from the sales manager at the project site at Yampuddin’s branch office at Siri Junga branch of Nepal Bank, NMB Bank, Sanima and Global IME Bank’s Phungling branch. Locals of the project-affected areas will have to pay Rs 2 to receive the application form.

Nepalis who are in foreign employment can apply for the shares from the Securities Board of Nepal (SEBON) through the banks and financial institutions that are members of the Securities Board of Nepal (SEBON) and My Shares.