The company, which is worth Rs 1 million, has issued an IPO worth Rs 50 million Economy by admin - February 18, 2022February 18, 20220 Any company must obtain permission from the Nepal Securities Board before issuing ordinary share IPO. The board has set certain criteria for permission. However, the board has allowed the company that did not meet the criteria to issue an IPO. Based on the office infrastructure, the board allowed a company worth less than Rs 1 million to issue an IPO of Rs 50 million. More surprisingly, more than 2.4 million people have applied for the company’s shares.This is the story of Emerging Nepal, whose IPO was scrapped today. Emerging Nepal’s office is operated by a small room, 3 sets of chairs and 3 staff at Krishna Tower, New Baneshwor, Kathmandu. Looking at the office of the company with 555.6 million issued capital, it seems that it has 1 million capital.The company had issued 555,600 IPOs at the rate of Rs 100 per unit. The Ministry of Finance has a total of 0.45% in this company which is invested by various businessmen. But on the basis of access, the Securities and Exchange Board has given permission to issue IPO without going through the process.The company, which was registered in 2072 BS, had applied to the board for IPO in 2076 BS, but the board did not give permission as the credit rating was below average and the founder’s share ownership did not reach 500 million. Sobhakant Poudel, a joint secretary to the government who is also the director of Emerging Nepal, was also the director of the board.However, board members are not allowed to participate in the decision-making process about the company they are operating. It is seen that the investment of the investors may be at risk if the board allows the issuance of IPO in this manner.