Aatmanirbhar Laghubitta Closing 169,755 Units IPO Shares Issue from Today; IPO Already Oversubscribed by 80.58 Times
Mon, Feb 27, 2023 7:37 AM on IPO/FPO News, Latest,
Aatmanirbhar Laghubitta Bittiya Sanstha Limited is closing the issue of its 169,755 unit IPO shares to the general public from today i.e. on 15th Falgun, 2079. The issue opened on 11th Falgun.
The company has been issuing 169,755 unit shares to the general public of Rs 100 face value. The issued capital of the company is Rs. 6.23 crores of which 32.625% i.e. 203,380 unit shares worth Rs. 2.03 crores have been set aside to the general public. Out of the total 203,380 units; 10% i.e. 20,388 units were allocated for Nepalese citizens working abroad, whereas 1.5326% i.e 3,117 units have been set aside for the employees of the company, and 5% of the total offered shares i.e. 10,170 units have been set aside for the mutual funds. The remaining 169,755 units are for the general public.
Sunrise Capital is appointed as the issue manager for the IPO issuance. Interested investors can apply for a minimum of 10 shares to a maximum of 1000 shares.
According to CDSC, 12,24,016 applicants have applied for a total of 13,680,330 units. Thus, the issue is already oversubscribed by 80.58 times so far.
CARE Ratings Nepal Limited (CRNL) has assigned a rating of ‘CARE-NP B+ (Is)’ [Single B Plus (Issuer)] to Aatmanirbhar Laghubitta Bittiya Sanstha Limited. Issuers with this rating are considered to have a high risk of default regarding the timely servicing of financial obligations.
Aatmanirbhar Laghubitta Bittiya Sanstha Limited is a “D” class Province Level microfinance institution. It was incorporated on November 20, 2018, licensed by Nepal Rastra Bank on February 12, 2019, and commenced operations on April 15, 2019. Initially, the company commenced its business as Gramin Mahila Utthan Kendra (Rural Women Development Center-RWDC), a financial intermediary. However, lately, the company initiated its operation as a separate financial entity. It is primarily engaged in providing microfinance loans based on the Joint Liability Group (JLG) model with each group consisting of a minimum of five members.
