Salpa Development Bank Opens IPO Issuance from Today

Salpa Development Bank has opened its Initial Public Offering (IPO) from today, Mangsir 25. The bank is issuing 33 percent of its paid-up capital—amounting to Rs. 17 crore 23 lakh 88 thousand—equivalent to 1,723,880 shares.

The first phase of the issuance has been allocated to Nepali citizens working abroad. Under this tranche, the bank has offered 172,388 units of ordinary shares at the par value of Rs. 100 per share. Applications for this category can be submitted until Mangsir 29, and if undersubscribed, the deadline may be extended up to Poush 10.

For the IPO rating, Infomerics Credit Rating Nepal has assigned the bank an “IRN Single B Issuer Rating”, indicating a moderate level of credit risk.

After the allotment for the foreign employment category is completed, the bank will proceed with the IPO issuance for the general public, the company said.