Mahuli Samudayik Laghubitta receives approval from SEBON to issue 1.20 lakh units IPO shares; Support Microfinance in pipeline

Mahuli Samudayik Laghubitta Bittiya Sanstha Limited has received final approval from Securities Board of Nepal (SEBON) to issue Initial Public Offering (IPO) worth Rs.1.20 crore (1.20 lakh unit shares) on Chaitra 4, 2073. Mahuli Samudayic Laghubitta is coming out with its IPO of 1,20,000 units of equity shares at the face value Rs 100/- each to be issued to general public at par. NCM Merchant Banking Ltd. is the issue manager for this IPO. The paid up capital of the microfinance company currently stands at Rs. 2.80 crore. After floating the IPO, its paid up capital will reach Rs. 4 crore. The promoter-public shareholding ratio after the IPO will be 70:30. The microfinance company has its working area in 10 districts with 28 branches. Mahuli Samudayic was established on June, 1994. It basically focused on community development services at the time of its inception. It started microfinance program from September, 2000 and got upgraded to Class “D” financial institution in the FY 2070/71. On the other hand, Support Microfinance Bittiya Sanstha Limited has been added in SEBON pipeline to seek approval for the issuance of 1,80,000 units IPO shares. NMB Capital Limited has been appointed as the issue manager for the IPO of Support Microfinance.