Samudayik IPO allotment concludes; 27,300 general public applicants allotted 10 kitta each via lottery

Nepal SBI Merchant Banking Limited, the issue manager for 3 lakh units IPO of Samudayik Laghubitta, has concluded the allotment of shares. The allotment was done amidst a program organized at Nepal SBI Merchant Banking’s head office in Hattisar, Kathmandu.

Out of the 3 lakh units floated, a total of 12,000 units were allotted to 109 employees of the microfinance company and 15,000 units were allotted to the existing mutual fund schemes.

Remaining 2,73,000 units were allotted to a total of 27,300 applicants from the general public. The allotment was made in compliance with Section 28 of Securities Issue and Allotment Guidelines 2074 in which a minimum of 10 units is reserved for each applicant. A total of 255,316 applicants but 649 of them were disqualified. Lottery was held between the remaining 254,667 valid applicants. The issue attracted 1,65,29,750 units applications, which is almost more than 60 times the floated units. 

Individual lottery results can be checked at ShareSansar’s IPO Result section later.

Samudayik Laghubitta is a 10-district class “D” microfinance institution with head office at Kavrepalanchowk district of Nepal. At present, the microfinance company is rendering financial services through 32 branch offices. Samudayik has paid-up capital of Rs 7 crore, and after issuance of IPO shares its capital will reach Rs 10 crore.

Speaking at the IPO allotment program, Dr. Shiva Hari Shrestha, CEO of Samudayik Laghubitta, said that the microfinance has a target to increase its paid-up capital to Rs 23 crore in 5 years.

The company has posted decent growth in net profit by 40.67% to Rs 40.43 lakh in the first quarter (Q1) of fiscal year 2075/76. The microfinance institution has stated that its operating profit has also increased to Rs 63.54 lakh in Q1 from Rs 45.17 lakh in the corresponding quarter of the last fiscal year.