Bhaktapur Finance IPO oversubscribed 1.46 times; collection crosses Rs 11 crore until Monday

ShareSansar, May 5:

The initial public offering (IPO) Bhaktapur Finance Company Limited has been oversubscribed 1.46 times as the collection till Monday afternoon had already crossed Rs 11 crore.

The offer that was suspended following the massive earthquake on Baishakh 12, two days after the offer was opened on Baishakh 9, Wednesday.  

Bhaktapur Finance went public with 7,50,000 unit shares as part of its IPO. The offer will close on Baishakh 23. The company has set aside 37,500 unit shares for mutual funds and 15,000 unit shares for employees while the remaining 6,97,5000 units have been earmarked for public.

NMB Capital Limited has been appointed the issue manager and NCM Merchant Banking Limited as co-issue manager for the IPO.

According to the NMB Capital official, the total collection till yesterday is approximately 11 crore. The final data is yet to be compiled informed the official.

Investors must apply for a minimum of 50 units while they can apply for a maximum of 1,00,000 units.

ICRA Nepal has assigned an “[ICRANP] IPO Grade 5,” indicating poor fundamentals to the IPO.

The finance company has a paid up capital of Rs 12 crore and 50 lakhs which will reach to Rs 20 crore after the IPO. Following the IPO, the promoter-public ratio will stand at 62.50% to 37.50%. It had earned a profit of Rs 88 lakhs as per the financial report for the year 070/071.

The company’s EPS stands at Rs 0.29 and net worth per share at Rs 108.50.