Biratnagar based Saptakoshi IPO oversubscribed by 5.46 times in 2 days; tomorrow is last day

ShareSansar, June 7:

Saptakoshi Development Bank Limited has been going public with 400,000 shares as part of its Initial public offering (IPO).

As per to NMB capital official, The IPO is oversubscribed by approx 5.46 times on second day. The total collection reached 21 crore 86 lakh 24 thousand till Friday.

The issue is managed by NMB Capital Limited and the offer will close on Jestha 25. The maximum closing date has been set for Asar 3.

Interested investors can apply for a minimum of 50 shares and a maximum of 50,000 units.

After the +IPO, the paid up capital of the bank would reach to Rs 10 crore and its promoter-public ratio would stand at 60% to 40%.

Of the total issue, the bank has set aside 8,000 shares for its employees whereas 20,000 unit shares have been earmarked for mutual fund companies. Of the total shares allocated for mutual fund companies, 4,000 units each has been allocated to Nabil Balance Fund – 1, NMB Sulav Investment Fund – 1, NIBL Sambriddhi Fund – 1, and Laxmi Value Fund -1 4,000.

The remaining 3, 72, 000 units have been set aside for the general public.

Other two mutual fund schemes Siddhartha Equity Oriented Scheme and Siddhartha Investment Growth Scheme- 1 have been allocated 2,667 units and 1,333 units respectively.

ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed Initial Public Offering (IPO) amounting NPR 40 million of Saptakoshi Development Bank Limited (SKDBL).

The bank earned a net profit of Rs 15.16 lakh by the end of Poush 2071/72. It had mobilized deposits worth Rs 32.05 crore during the same period. The banks EPS stood at Rs 5.15 and networth per share at Rs 106.16.

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