KATHMANDU, Aug 6: Nepal Republic Media (NRM) witnessed the second largest gain of 9.98 percent in its market value to close at Rs 275.40 per share on Sunday.
The NRM, the publisher of Nagarik Daily and Republica English Daily, took its shares to transaction in the country’s only secondary market for the first time. The NRM listed 9,675,000 units of its ordinary shares at Nepal Stock Exchange (Nepse) on Thursday.
According to the Nepse, NRM's share opened at Rs 250.40 per share. In the first half an hour of trading, the company’s share price jumped 9.98 percent, which compelled the authority to impose circuit breakers.
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NRM is the first media company to carry out its stock trading in the secondary market in Nepal. A total of 62,033 units of its shares were transacted on the first day trading. Likewise, these shares were traded in 3,174 transactions.
Out of the listed number of shares, 5,322,000 shares have been allotted for promoters while the remaining 4,353,000 shares are the public shares. The promoters’ shares and ordinary shares make out 55.01 percent and 44.99 percent, respectively. The company’s market capitalization hit Rs 2.664 billion.
The NRM opened its initial public offerings (IPOs) for the general public from June 9 to June 13. The company issued 3,619,891 shares to the general public, with applications exceeding the demand by 3.7 times. The IPO sale of the company took place from June 9 to June 13.
The company has a total authorized capital of Rs 967.6 million. In the IPO program, 44.9922 percent of this capital, which is equivalent to Rs 435.3 million, was allocated with the face value of Rs 100 per share in the first phase to Nepalis working abroad and its own employees.
Out of the shares allocated to the general public, 174,120 shares, which makes four percent, have been allocated to the employees and five percent i.e. 217,650 shares to the mutual funds.
