Sanvi Energy Ltd is set to float an initial public offering (IPO).

The company will begin the IPO issuance from April 18 for those affected by the project along with the Nepali migrant workers abroad.

For those affected by the project, 8,80,000 shares worth 88 million will be issued and for individuals who have gone abroad for employment, 2,91,000 shares worth Rs 29.1 million will be issued.

Investors can apply for the company's IPO at a face value of Rs 100 per share until May 2. In the first phase of the issuance, local residents from the affected areas of Ilam Municipality, Mai Jogmai Rural Municipality and Suryodaya Municipality in Ilam will be able to apply, according to the company.

Investors can apply for shares ranging from 10,000 to 20,000 shares. The company is set to issue 43.07 percent of its total capital, which is worth Rs 880 million, to the general public.

Sanvi has received approval from the Securities Board of Nepal (SEBON) to issue 3.79 million shares worth Rs 379 million. The company will issue shares to the general public in the second phase. Nepal SBI Merchant Banking Limited is the IPO issuance and sales manager for the company.