Auction Bids of Nepal Finance (NFS) Opened; What's the Cut-Off Rates?

Nepal Finance Limited (NFS) has opened the bids received in the auction of its shares.

The company had auctioned 2,55,078.55 units of promoter shares and 2,60,169.50 units of ordinary shares. The auction opened from 17th Poush and concluded on 24th Poush, 2077. The existing promoters, general public, and institutions were all eligible to bid for the auction. Rs. 100 was the minimum bid rate for the auction. While the minimum bid quantity for promoters’ shares was 1000 units, the minimum bid quantity for ordinary shares was 100 units.

Prabhu Capital Limited is appointed the auction manager. According to the auction manager, Rs. 162 is the tentative cut-off price for ordinary shares and Rs. 101 is the tentative cut-off price for promoter shares. While the highest bid was Rs. 230 for ordinary shares, Rs. 112 was the highest bid for promoter shares.

However, note that the final cut-off figure may vary after final reconciliation. The auction manager also claimed it is likely the shares will be fully allotted provided that not many bids are invalidated.