ICRA Nepal assigns grade 4+ to upcoming IPO issue of Nadep Laghubitta Bittiya Sanstha

ICRA Nepal, the credit rating agency has assigned ‘Grade 4+’ rating to the proposed Initial Public Offering (IPO) amounting NPR 4 crore 80 lakh to Nadep Laghubitta Bittiya Sanstha. Nadep Laghubitta Bittiya Sanstha is proposing to come out with an IPO of 4.8 lakh numbers of equity shares of face value NPR 100 each at par. Nabil Investment Banking Limited has been assigned as the issue manager for the IPO. According to a statement of ICRA Nepal, it has assigned ‘(ICRANP) IPO Grade 4+’ to the IPO of which means that the offering holds below average fundamentals. ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor. NADEP Laghubitta Bittiya Sanstha Ltd is a micro finance institution licensed as a national level ‘D’ class financial institution from Nepal Rastra Bank. Its head office is located in Gajuri 1, Dhading and at present it has 42 branches.