Sagarmatha Distillery IPO Allotment: 2.35M Applications, 119K Allotted

Sagarmatha Distillery Limited is set to allot its Initial Public Offering (IPO) shares on Friday morning. The allotment will be conducted by the issue manager, Muktinath Capital, through a lottery system due to oversubscription.

By the closing day, the IPO had attracted 2,352,493 applicants, seeking a total of 26.5 million shares worth more than NPR 2.65 billion. However, since the demand far exceeded the supply, only 119,064 applicants will be lucky enough to receive 10 shares each.

Earlier, the company had already completed allotment for Nepali migrant workers. In total, Sagarmatha Distillery issued 1.452 million shares, equivalent to 20% of its NPR 726 million paid-up capital.

Among these, 145,200 shares (10%) were reserved for Nepalis working abroad, 72,600 shares (5%) for mutual funds, and 43,560 shares for employees. The remaining 1.19 million shares were floated to the general public.