National Microfinance IPO allotment tomorrow; offer oversubscribed by 400 times

The allotment of shares under the Initial Public Offering (IPO) of National Microfinance Bittiya Sanstha Limited will be made public tomorrow ( Ashwin 8, 2073). Mr. Badri Pyakurel, Merchant Banking head of NIBL Capital Markets Limited said, “All the details regarding IPO allotment will be made public on Ashwin 8 at the premises of NIBL Capital Markets Limited located at Lazimpat, Kathmandu.” The time of the allotment is yet to be finalized added Mr. Pyakurel. National Microfinance had floated its Initial Public Offering (IPO) of 3, 00,000 units worth Rs 3 crore from Shrawan 16, 2073 to till Shrawan 19, 2073. The IPO was oversubscribed by more than 400 times till the last day. Around 1 lakh 64 thousand application forms were received. Interested investors were required to apply for a minimum of 50 units of share and they can apply for up to 10,000 units of share. NIBL Capital Markets Limited was the issue manager for the IPO. The microfinance company has set aside 12,000 unit shares for its employees and 15,000 unit shares for the existing seven mutual fund companies. The mutual fund schemes are Nabil balance fund-1, NMB Sulav Investment Fund – 1, NIBL Sambriddhi Fund – 1, Laxmi Value Fund -1, Siddhartha Equity Oriented Scheme, Siddhartha Investment Growth Scheme- 1 and Global IME Sammunati Fund. The company has set aside 2, 73,000 unit share to the general public. The microfinance company plans to raise Rs 3 crore through the offer. After the IPO, the paid up will reach Rs 10 crore from the current Rs 7 crore. It’s authorized capital stand at Rs 50 crore. After the IPO, the promoter-public ratio of the company will be 70 % to 30%.