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Only 142,760 Investors Receive Mount Everest Power IPO Shares

Mount Everest Power Development has completed the allotment of its IPO, with 142,760 applicants receiving 10 shares each through a lottery system after the issue was heavily oversubscribed.

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Only 142,760 Investors Receive Mount Everest Power IPO Shares

Mount Everest Power Development Limited has completed the allotment of its initial public offering (IPO) on Friday (Asar 19) at the office of its issue and sales manager, NIMB Ace Capital Limited. The company had offered 1,427,600 ordinary shares worth Rs. 142.76 million at a face value of Rs. 100 per share to the general public from Asar 3 to Asar 8, 2083. The IPO attracted applications from 2,862,909 investors seeking more than 306.55 million shares. Of these, 2,815,679 applications were approved, while the remaining applications were rejected. As the issue was significantly oversubscribed, the shares were allotted through a lottery system, under which 142,760 applicants received 10 shares each.

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