6 IPO issuance of company in final stage,
Twenty-four companies are preparing to issue IPOs worth Rs 6.60 billion. However, the decision regarding the issue of shares could not be taken as the regulatory body Securities Board is without leadership.
Bhishma Raj Dhungana, the then chairman of the Securities and Exchange Board of Nepal (SEB), was sacked by the Ministry of Finance on October 3 after he was accused of gaining shares through insider trading. After that, the board is without leadership. That is why the study and approval for IPO issuance has been delayed.
The board has completed all the procedures to issue IPOs of six companies. All the work of issuing 18.4 million shares equal to Rs. But the board has not been able to make a decision due to lack of leadership.
Similarly, the Board has completed the first phase document study of Dis Media, Upper Solu, Upper Hewakhola, River Falls Hydropower Project, Jalpa Community, Upkar, Rashtra Utthan Laghubitta and IME Life Insurance. These eight companies are preparing to issue 18.7 million shares equal to 1.87 billion.
Similarly, the board is studying 22.1 million shares of other 10 companies worth Rs 2.88 billion.