KATHMANDU: Preparations are underway to distribute initial public offerings (IPO) of Nepal Infrastructure (NIFRA) Bank this week.

NIBL Ace Capital Ltd., the issue manager, said it is planning to allot the IPO by Friday since there is a lot of data verification work. Originally, it had planned to distribute IPO shares by today (Wednesday).

If the pre-allotment job is accomplished by today, IPO will be distributed by Friday, according to the company.

Record 1,550,091 applicants have applied for 182,799,950 units of shares of NIFRA worth Rs 18,279,995,000.

The number of both applicants and units of shares are likely to go down following verification due to which each applicant is likely to get 50 units of shares each.

NIFRA had issued 75,840,000 units of shares on January 15-19 for general people.

Of the total 80,000,000 units of shares, 160,000 (0.20%) units of shares had been allocated for staffers and 4,000,000 (5%) of units of shares for collective investment fund.