Mithila IPO draws Rs 54.36 crore; oversubscribed by 76.8 times

ShareSansar, January 16:

The Initial Public Offering (IPO) of Mithila Laghubitta Bikas Bank Limited that closed on January 8 has been oversubscribed by 76.86 times.

The issuance of 70, 725 units of ordinary shares through the IPO that begun on January 5 has drawn Rs 54 crore, 36 lakh and 30 thousand, according to the final data handed over by Civil Capital Limited, the issue manager, to the Securities Board of Nepal (SEBON).

The issue manager maintains that the IPO would have drawn even more investors had it not come just ahead of Century Commercial Bank’s IPO.
The SEBON had approved Mithila’s IPO issuance on December 11.

As 1,415 unit shares were set aside for the staff of the microfinance and another 5 percent of the shares were earmarked for the mutual funds, the total ordinary shares floated to the public stood at 65,774.