ILFCOM IPO day 2 collection crosses Rs 52.45 cr; oversubscribed above 13 times

ShareSansar April 2:

The Initial Public Offering of ILFCO Microfinance Bittiya Sanstha Limited has raised Rs 52 crore, 45 lakhs 39 thousand on the second day.

Kamal Khatri, assistant manager of Civil Capital Market Ltd, said the IPO is already oversubscribed by 13 times.

ILFCOM opened its Initial Public Offering of 400,000 unit shares from Chait 17. The offer will close on Chait 20. The maximum closing date for the offer is Baisakh 2, 2072. Civil Capital Market Limited has been appointed the issue manager for the IPO.

Investors are required to invest in a minimum of 20 units and they can apply for a maximum of 1,000 units.

The company has set aside 20,000 kittas for mutual fund and 3,80,000 kittas--which includes 8,000 shares that had been earmarked for its employees for the general public.  

The microfinance company plans to raise Rs 40 million through the offer. After the IPO, the paid up capital of the company, which had posted a net profit of Rs 27,15,000 for the fiscal year 2070/2071, will reach Rs 10 crore from the current Rs 6 crore. Likewise, following the IPO, the promoter-public ratio in the company will be 60% to 40%.
The company’s net worth per share stands at Rs 106.10.

ICRA Nepal has assigned “[ICRANP] IPO Grade 4,” to the IPO, indicating below-average fundamentals. ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor fundamentals.

Collection Centers: