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The much-talked-about initial public offering (IPO) of companies through the book building mechanism has been completed. Mukti Nath Shrestha, spokesperson at the Securities Board of Nepal (Sebon), said, “This process, following extensive efforts from Sebon and other stakeholders, has achieved a significant breakthrough.” He described the development as “historic”.

Book building is the process by which an underwriter attempts to determine the price at which the IPO of a company is offered. An underwriter, usually an investment bank, builds a book by inviting institutional investors (such as fund managers and others) to submit bids for the number of shares and the price(s) they would be willing to pay for them.

Sarbottam Cement received permission to issue IPOs through book building at a cutoff price of Rs 401 per share on Oct 16. Previously, Sarbottam had set a maximum price of Rs 751.50 per share.

Sebon Chairperson Ramesh Hamal stated, “Book building serves as a means of price discovery, promoting equitable issuance of IPOs with extensive involvement from institutional investors and significant buyers.” He added that it also enables companies going public to secure considerable capital and collect pricing insights from prospective buyers. “Employing the book building approach for IPOs will improve the transparency, governance and accountability of share prices.”

According to Hamal, the commencement of the book building process will encourage many investors and companies, previously hesitant to issue an IPO, to consider doing so. “It will aid in enhancing national revenue contribution and contribute to the overall national economy.”

The Nepal Stock Exchange (NEPSE) gained 13.18 points to close at 1,864.62 points on Tuesday.

Similarly, the sensitive index surged by 3.08 points to close at 358. 83 points.

A total of 3,813,233-unit shares of 289 companies were traded for Rs 1. 00 billion.

Meanwhile, NIBL Pragati Fund was the top gainer today, with its price surging by 7. 35 percent. Similarly, Hathway Investment Nepal Limited was the top loser as its price fell by 8.53 percent.

At the end of the day, total market capitalization stood at Rs 2. 86 trillion.

Nepal has received remittance of Rs 228 billion in the first two months of the current Fiscal Year 2023/24.

According to the country's Current Economic and Financial Situation report based on the statistics until the 17th of September, 2023, unveiled by Nepal Rastra Bank today, the remittance inflow increased by 22.1 percent in this period and reached Rs 228 billion and 370 million.

The remittance inflow during the corresponding period last year had increased by 19.8 percent. In terms of US dollar, the remittance inflow grew by 17.7 percent to reach 1 billion 730 million US dollars.

The number of Nepalis taking a labour permit for foreign employment until September 17, 2023 of the current fiscal year beginning July 17 has decreased by 28.3 percent and remained 74,455.

Similarly, the number of Nepalis renewing their work permit for foreign employment was 32,004, a decrease of 18.3 percent. In the previous fiscal year, this number had increased by 70.6 percent, the NRB stated in the report.

Prime Minister Pushpa Kamal Dahal has said arrangements have been made for providing the non-resident Nepali citizenship to the Non-Resident Nepalis (NRNs) after much struggle and efforts.

Distributing non-resident Nepali citizenship to the NRNs amidst a program organized at the Prime Minister's official residence in Baluwatar today, he said this is a great achievement.

"I have made a great deal of struggle and initiation to have the provision of providing the non-resident citizenship with the economic and cultural rights to the NRNs incorporated in the Constitution of Nepal. You have acquired the constitutional right on the strength of this initiation," the PM said.

Recalling that the Citizenship Bill became a law and its regulation was formulated after the Bill was endorsed by the President on the request of the new government under his leadership, Prime Minister said, "I am confident that the hundreds of thousands of NRNs in foreign land will understand the non-resident Nepali citizenship was achieved through whose struggle and initiatives. You will also explain to all friends and the Nepali community this fact and make them understand it accordingly."

He further said that many issues related to the NRNs have been addressed through the government's policies and programs, and the budget. In this connection, the minimum threshold of foreign investment has been reduced from Rs 50 million and maintained at Rs 20 million.

"Legal provisions have been made for opening the non-resident Nepalis' investment in the secondary securities market. Similarly, the decision to encompass the workers on foreign employment into the contribution-based social security program through the Social Security Fund has been implemented. This is a historical work," the PM reiterated.

According to him, so far more than 300 thousand laborer’s have joined this program and the government is convinced that this number will further increase in the coming days.

Reminding that the Nepalis spread throughout the world are Nepal's non-resident envoys, he said that the nation expected a lot from the NRNs. The PM mentioned on the occasion that the government has been collaborating with the Non-Resident Nepali Association (NRNA) since its inception. Various programs targeting the NRNs have been announced through the budget statement for the current fiscal year, he added.

NRNA Executive President Badri KC said with the distribution of Nepali citizenship to NRNs, the campaign 'Once a Nepali you always remain a Nepali' has become meaningful. 

'The citizenship is not just a paper. It's a responsibility. Nepalis living abroad should contribute to the motherland's prosperity", he stressed.

Stating that 'Diaspora' has a significant role in the country's development, President Kul Acharya mentioned that citizenship has connected people residing abroad with the motherland. 

Likewise, NRNA Founding President Upendra Mahato shared that the Non-Resident Nepali citizenship is not just a piece of paper, it is the part of the heart.

Extending gratitude towards the government and political parties for the legal arrangements to provide citizenship to NRNs, he assured that the NRNs would continuously   engage to make Nepal prosperous.

 The price of gold has dropped by Rs 400 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 111, 900 per tola today. It was traded at Rs 112, 300 per tola on Monday.

Meanwhile, tejabi gold is being traded at Rs 111, 350 per tola. It was traded at Rs 111, 750 per tola.

Similarly, the silver is being traded at Rs 1,375 per tola today.

The government has started distributing Nepali citizenship certificates to Non-Resident Nepalis (NRNs). It is NRN citizenship.

Prime Minister Pushpa Kamal Dahal provided the NRN citizenship certificates to Executive Chairman of Association of NRNs, Badri KC, and Chairman Kul Acharya amidst a function organized at his residence in Baluwatar on Tuesday.

District Administration Office, Kathmandu, had issued an NRN citizenship certificate in the name of Executive Chairman KC on Monday, while District Administration Office, Parbat to Chairman Acharya on Sunday. Earlier, the certificates were handed over to PM Dahal by the respective chief district officers.

The NRN citizenship documents were provided in line with Article 14 of Constitution of Nepal. The constitutional provision was further eased with the amendment of Nepal Citizenship Act, 2063.

The NRNs are provided Nepali citizenship, allowing them the economic, social and cultural rights.

On the occasion, Secretary at Home Ministry, Dinesh Bhattarai, informed that the government had made arrangements to distribute NRN citizenship certificates from all 77 districts. With this, the NRNs can apply for such certificates from today onwards.

The NRNA had been demanding citizenship certificates for a long time.

The untimely rainfall has disappointed farmers in Kailali district. The rainfall since Monday afternoon upset farmers as they were about to harvest rice.

They were worried how they could harvest rice safely amidst such erratic weather events.

A farmer from Tikapur, Nirmal BK, said the rice cut down and spread to dry in the field is wet with the ill-timed rainfall. "I waited for a tractor to collect the crop, but it did not come. The rainfall drenched the rice. The storm has further strewn it. If the rainfall continues, the crop will perish in the field," he shared the plight.

Similarly, another farmer Padam Oli said that rice is ripe in the field. He did not cut the rice, worrying about storms on Monday, but the rains coupled with storms damaged ripe rice. "If the rainfall does not stop, it certainly damages the crop," he said, wondering, "Why does rainfall occur when it is time to harvest the rice?"

Most of the farmers in Kailali district are upset, reasoning that rainfall occurs when they are ready to harvest rice. They experienced it for three years. It has resulted in loss of production.

"In 2078BS, the floods triggered by the rainfall swept away the harvest time rice. Last year, we were able to save half of the crops due to early warning," said Hari Chaudhary, adding, "We have not harvested rice because of erratic weather. But the storm coupled with rainfall has damaged half yield this year too. The adverse weather is bane for farmers.

Moreover, another Parbati Chaudhari said that the rice cut down and spread to dry in the field could not be saved due to sudden change in weather. Only half of the crop was saved, she added.

Meanwhile, Tikapur Municipality and Janaki Rural Municipality have suggested the farmers wait for some days to harvest rice.

Deputy Prime Minister and Minister for Home Affairs Narayan Kaji Shrestha reached Beijing on Monday evening to attend the 3rd Belt and Road Forum for International Cooperation at the invitation of Chinese Minister of Ecology and Environment, Wang Xiaohong.

DPM Shrestha was welcomed by Ambassador of Nepal to China, Bishnu Pukar Shrestha, and the high-level officials of the Ministry of Ecology and Environment of China, according to a press release issued by Nepali Embassy in China.

DPM Shrestha will be attending the opening ceremony of the 3rd Belt and Road Forum for International Cooperation.

He will address the High-level forum on Green Development “Green Silk Road for Harmony with Nature” at the National Convention Center on October 18.

He is scheduled to hold bilateral meetings with Chinese Minister of Emergency Management, Wang Xiangsi; and Member of the Secretariat of Central Committee of the Communist Party of China, Wang Xiaohong, during his stay in Beijing.

Similarly, DPM Shrestha is to meet Chinese Minister of International Department, Liu Jianchao.

The Nepali delegation led by the DPM will return to Kathmandu on October 20, the press release added.