6 lakh units IPO shares of Forward Community Microfinance receives approval from SEBON; IPO likely on Magh first week

Forward Community Microfinance Bittiya Sanstha Limited has received final approval from Securities Board of Nepal (SEBON) on Poush 19, 2073 to issue Initial Public Offering (IPO) worth Rs. 6 crore (6 lakh unit shares). Forward Community Microfinance is coming out with its IPO of 6,00,000 units of equity shares at the face value Rs 100/- each to be issued to general public at par. Nabil Investment Banking Ltd. is the issue manager for this IPO. According to an official of the microfinance company, the IPO is likely to be floated in the first week of Magh 2073. The paid up capital of the microfinance stands at Rs. 14 crore. After floating the IPO, its paid up capital will reach Rs. 20 crore. The promoter-public shareholding ratio after the IPO will be 70:30. Forward Community Microfinance Bittiya Sanstha Ltd. has earned net profit of Rs 6.15 crore in the first quarter of the current fiscal year 2073/74. It has a reserve of Rs. 41.88 crore.