Naya Nepal Lagubitta IPO on Friday; to be flatly allotted at 1.67%Applicants who had applied up to 560 units to fall under lottery

ShareSansar, November 13:

The allotment of the Initial Public Offering (IPO) of Naya Nepal Lagubitta Bikash Bank will take place on Friday on a flat basis for both the small and big investor at 1.67 percent.

The IPO is being allotted flatly as 66 percent of the applicants were from smaller investor group, according to NMB Capital, the issue manager.

Since the IPO was oversubscribed by more than 50 times, the allotment of shares for investors who had applied for up to 560 shares will be done through a lottery.

The allotment process will take place at the issue managers office at Babar Mahal at 10:00 AM on Friday.

The microfinance development bank had floated 60,000 unit equity shares of face value Rs 100 each on October 3, and had closed it on October 6.

Of the 60,000 units being floated in the market, 1,200 units are reserved for its staff and 3,000 units have already been allotted to the mutual funds.

The general public had bid for a minimum of 50 units up to a maximum of 5,000 units.

Naya Nepal Lagubitta Bikash Bank has an authorized capital of Rs 4 crore, issued capital of Rs 2 crore and a paid-up capital of Rs 1.4 crore.

The company established five years back in Dhulikhel in Kavrepalanchowk district has further stated that once the IPO is issued, its paid-up capital will be on par with the issued capital.

It had posted a net profit of Rs 19 lakh and 95 thousand in the fiscal year 2068/69.