Nepal Republic Media Limited, the publication house behind Nagarik Nepali Daily, Republica English Daily, and Shukrabar Weekly, is closing the issuance of its Initial Public Offering (IPO) today, on Jestha 30, 2080. The IPO opened on Jestha 26, 2080.
The company has an issued capital of Rs. 96.75 crores, out of which 44.99% or 43,53,000 unit shares worth Rs. 43.53 crores have been allocated to the general public. Among these shares, 10% (4,35,300 units) were specifically issued to Nepalese citizens working abroad, while 4% (174,120 units) have been reserved for the employees of the company. Additionally, 5% (217,650 units) of the total shares on offer have been set aside for mutual funds. The remaining 35,25,930 units are available for the general public.
Mega Capital Markets has been appointed as the issue manager for this IPO issuance. The minimum application quantity allowed for both the general public and Nepalese citizens working abroad is 10 units, while the maximum quantity is set at 500 units.
According to the Central Depository System and Clearing Limited (CDSC), a total of 983,200 applicants have applied for a combined total of 10,743,740 units as of yesterday evening. This indicates that the IPO has been oversubscribed by a factor of 2.96 times so far.
Infomerics Credit Rating Nepal Limited (Infomerics Nepal) has assigned Nepal Republic Media Limited an issuer rating of IRN B+ (Is) [Single B Plus (Issuer)]. This rating suggests a higher risk of default in terms of timely financial obligations.
Nepal Republic Media Limited, incorporated in August 2008 as New Republic Media Private Ltd and later converted to Nepal Republic Media Ltd in June 2021, is the first media sector company to issue an IPO to the general public. The company, founded by Mr. Binod Raj Gyawali, aims to disseminate news through its various publications.
