Kathmandu. Sopan Pharmaceuticals Company Limited has issued an initial public offering (IPO).

In the first phase, the company has issued shares to the Nepalis who are abroad for foreign employment after obtaining work permit. According to the company, Nepalis living abroad can apply for foreign employment from today till March 26. If the application is not received as per the demand within the stipulated period, the application can be submitted till April 23.

The company was allowed to issue 42,90,000 units of shares worth Rs 42.90 crore, i.e. 25% of the issued capital of Rs 1.71 billion. Out of this, 10 percent of the total shares worth Rs 4.29 crore are for Nepalese employed abroad.

5% i.e. 2,14,500 units have been set aside for the mutual funds and 4% i.e. 1,71,600 units have been set aside for the employees of the company. The remaining 34,74,900 units of shares will be issued to the general public.

Applications can be place for minimum 10 units and maximum 11,000 units.

NMB Capital Limited has been appointed as the issue manager for the IPO issuance. Nepalese who are in foreign employment can apply for the shares through the banks and financial institutions that are members of the Securities Board of Nepal (SEBON) and Mero Shares.

Care Ratings Nepal has assigned ‘CareNP’ ‘B Issuer’ rating to the company. This indicates that there is a high risk to the company’s ability to meet its obligations.