Banking News — Mount Everest Power Limited has completed the allotment of its Initial Public Offering (IPO) on Friday.

The allotment was carried out at the office of the company’s issue and sales manager, NIMB Ace Capital Limited.

The company had offered 1,427,600 ordinary shares to the general public from June 17 to June 22 (Asar 3–8, 2083 BS).

A total of 2,862,909 applicants applied for 306,555,430 shares. Of these, 2,815,679 applications were approved, while the remaining applications were rejected.

As the issue was oversubscribed, the IPO was allotted through a lottery system. Under the allotment, 142,760 applicants received 10 shares each.