KATHMANDU, Jan 23: Palpa Cement Industries Limited has extended the deadline for local residents to apply for its initial public offering (IPO) by two days.
The extension applies to residents of industry-affected areas in West Nawalparasi and mining-affected areas in Palpa, after a public holiday in Lumbini Province fell on the original closing date. Eligible applicants can now submit IPO applications until January 25.
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The company has allocated 1.875 million shares worth Rs 187.5 million to local residents at a face value of Rs 100 per share. The local quota was initially open till January 23.
Palpa Cement has already issued 562,500 shares worth Rs 56.25 million to Nepalis working abroad. After completing the local allotment, the company plans to issue 5.625 million shares to the general public in the second phase.
The IPO is part of the company’s plan to issue 20 percent of its paid-up capital, amounting to Rs 750 million, from an approved capital of Rs 5.75 billion.
Infomerics Credit Rating Nepal has assigned the company an IRN BB+ rating, indicating a moderate level of risk in meeting financial obligations. For fiscal year 2081/82, the company reported an earnings per share of Rs 3.25 and a net worth per share of Rs 135.74.
