Palpa Cement Industries to Issue IPO for Locals and Nepali Workers Abroad

Kathmandu: Palpa Cement Industries Limited is set to issue a primary share (IPO). The company plans to start the first phase of the IPO from Poush 25 for local residents of the project-affected areas and Nepali citizens working abroad.

The company had received approval from the Nepal Securities Board on Poush 9 (December 24) to issue a total of NPR 75 crore through 7.5 million ordinary shares (face value NPR 100 per share). 

According to this approval, in the first phase, 5% of the shares, or 1,875,000 ordinary shares, will be issued to local residents of the project-affected areas, namely West Nawalparasi (formerly Nawalparasi District) and Palpa District, where the cement plant is located. The total amount for these shares will be NPR 18.75 crore.

Similarly, of the remaining 5,625,000 shares, 10% or 562,500 ordinary shares will be allocated to Nepali citizens working abroad who have obtained labor approval from the relevant Nepal government authority. 

The company stated that if the shares reserved for workers abroad are not fully sold, the unsold shares will be adjusted and offered to the general public.

Both local residents of the project-affected areas and Nepali workers abroad can apply for a minimum of 10 shares and a maximum of 100,000 shares. 

For local residents, the IPO will close no earlier than Magh 9 and no later than Magh 25. For Nepali workers abroad, applications can be submitted from Poush 30 to Magh 9.