Kathmandu: Nepal Infrastructure Bank (NIB) received approval from the Nepal Securities Board (NSB) to issue a large initial public offering (IPO). The board has allowed the bank to issue 80 million IPOs at a face value of Rs 100 per share, equivalent to Rs 8 billion. The bank submitted its application to the Nepal Securities Board (NSB) on November 26 seeking IPO permission and got approval within two months.

The bank's IPO is by far the largest. The bank, which has an issued capital of Rs 20 billion, is going to issue 30 percent shares of its issued capital to the public. This is by far the largest public eviction. Earlier, HIDCL had issued 10 million shares worth Rs 2 billion to the public.

The general meeting of the bank held on November 19 had passed a resolution to issue an IPO. The bank's paid-up capital will reach Rs 20 billion after the issue of shares to the general public. It is the first infrastructure development bank in Nepal with the investment of the Government of Nepal.