BPW Laghubitta Closing the Issue of 9,700 Unit IPO Shares to Nepalese Employed Abroad from Today
Mon, Feb 20, 2023 8:14 AM on Latest, IPO/FPO News,
BPW Laghubitta Bittiya Sanstha Limited is closing the issue of 9,700 units of IPO shares for Nepalese citizens working abroad from today i.e. 8th Falgun. The issue opened on 22nd Magh, 2079.
The issued capital of the company is Rs. 3 crores of which 32.33% i.e. 97,000 unit shares worth Rs. 97 lakhs have been set aside to the general public. Out of the total 97,000 units; 10% i.e. 9,700 units have been allocated for Nepalese citizens working abroad, whereas 1.50% i.e 1,500 units have been set aside for the employees of the company, and 5% of the total offered shares i.e. 4,850 units have been set aside for the mutual funds.
The remaining 80,950 units are for the general public, the issue of which will open from 18th Falgun to 23rd Falgun, 2079. If not subscribed by the early closing date, the issue can be extended till the 2nd Chaitra. However, the issue will not be extended from the early closing date for Nepalese citizens working abroad.
Mega Capital Markets is appointed as the issue manager for the IPO issuance. The minimum application quantity to be applied for both general and Nepalese citizens working abroad is 10 units while the maximum quantity is 1,000 units. After the IPO the promoter-public share ratio will be 67.67: 32.33.
ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB- (pronounced ICRA NP Issuer Rating Double B minus) to BPW Laghubitta Bittiya Sanstha Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.
BPW Laghubitta Bittiya Sanstha came into existence in September 2018 and started its operations in April 2019 as an MFI, licensed to operate in Bagmati Province. After its licensing, BPW took over the microfinance business being conducted by Business and Professional Women Patan (BPW Patan), an NGO, established in March 1995 and operating as a financial intermediary since 2002. It is promoted by 72 promoters (71 individual promoters and one NGO BPW Patan with a ~1% equity stake). Mr. Pradeep Koirala is the Acting Chief Executive Officer of the company. The registered and corporate office of BPW is in Banepa -8 Kavre, Nepal.
