Commerz And Trust Bank IPO subscribed by over 11 times

KATHMANDU, FEB 23:

Commerz and Trust Bank Nepal (CTBN)’s Initial Public Offering (IPO) has been subscribed by over 11 times the size of the public offering.

“The primary shares received overwhelming support as some 72,000 applicants asked for shares worth Rs 6.82 billion,” said chief executive of the bank Anal Raj Bhattarai.

“The market has shown tremendous confidence in the bank,” he added.
The bank had opened its public offering for ordinary shares worth Rs 600 million at a face value of Rs 100 per unit on February 17. An investor was allowed to apply for a minimum of 50 unit shares and to a maximum of 1,500,000 units. The shares will be allotted proportionately based on the total amount of applications received within 40 days of the primary shares’ closing.

It will be the 29th commercial bank to be listed at Nepal Stock Exchange.

The commercial bank had appointed Citizens Investment Trust, Nabil Investment Ltd, Growmore Merchant Banker and Civil Capital Ltd as issue and sales managers for the IPO.

Source: THT