Aarambha Microfinance oversubscribed by more than 9 times until the second day; collects over Rs 28 crore from approx. 44,000 applicants

Aarambha Microfinance Bittiya Sanstha Limited which has been issuing its 2.94 lakh unit shares worth Rs 2.94 crore from Falgun 15 has raised little over Rs 28.02 crore from 44,393 applicants until its second day. This collection is about 9.53 times of the total issue. The offer will close on Falgun 21, 2074. The maximum closing date for the offer is Falgun 29, 2074. Interested investors must apply for a minimum of 50 units of share and they can apply for up to 1,000 units of share. The microfinance company has set aside 3% or 8,820 unit shares for its employees and 5% or 14,700 unit shares for the existing mutual fund companies. The company will be floating 2,70,480 units shares to general public. NIC Asia Capital Limited is the issue manager for IPO. Interested applicants can collect ASBA forms from all ASBA-approved banks around Nepal as Securities Board of Nepal (SEBON) has made ASBA application mandatory from Shrawan 2074. Aarambha Microfinance is located at Banepa, Kavrepalanchowk district of Nepal. Aarambha Microfinance had initiated micro finances operations in Baisakh 27, 2071. The main vision of the microfinance company is to create opportunity for deprived people by providing resources. It has 15 branch offices till now. Aarambha has been providing micro financing services to deprived household residing in hilly regions of Nepal. Aarambha Microfinance Bittiya Sanstha Limited has paid-up capital of Rs 3.06 crore, and after issuance of IPO shares its capital will reach Rs 6 crore. It had posted net profit of Rs 6.19 lakh in the FY 2073/74. Offer letter