Shreenagar Agritech IPO Allotment Completed: Details for Nepali Migrant Workers
The Shreenagar Agritech Industries has completed the IPO allotment process. This news is particularly important for Nepali migrant workers who participated in the initial public offering (IPO). The IPO allotment was managed at the office of Nabil Investment Banking, the issue manager.
For this specific IPO, Shreenagar Agritech set aside 10% of the shares reserved for the general public. This translated to 309,938 ordinary shares, with a face value of 100 rupees per share. The offering was specifically targeted at Nepalese citizens working abroad who held labor approvals from the appropriate government agencies. The IPO subscription period was open from August 26th to August 31st.
The Shreenagar Agritech IPO saw strong interest, with a total of 64,812 applicants submitting applications for a combined 1,015,470 shares. Of these, 64,079 applications were approved, while 13 applications were rejected. This demonstrates the significant demand for investment opportunities amongst Nepali migrant workers.
Due to the oversubscription, the IPO allotment was conducted through a lottery system. This meant that not all applicants would receive the shares they requested. The lottery determined that 30,993 successful applicants received 10 shares each. The remaining 8 shares were distributed to 8 lucky investors, who each received a total of 11 shares.
If you are a Nepali migrant worker who applied for the Shreenagar Agritech IPO, you can now check your IPO allotment status. Stay informed about the stock market and other investment opportunities by following financial news and resources. Considering investing in IPOs is a significant step, and it’s crucial to remain informed and stay updated about investment strategies and stock market analysis.
