Forward Community IPO collects more than 1 arba in two days; ASBA collections not included

Forward Community Microfinance IPO has collected more than Rs 1 arba in two days from regular IPO applications. Collection from applicants who have applied via ASBA process is unknown. As per an official of Nabil Investment Banking, the issue manager for the IPO, more than 10,000 application forms have been received so far using regular IPO forms. The IPO, worth Rs 6 crore, has been oversubscribed by more than 18 times from regular applications only. The IPO has set aside 30,000 units for staffs and 30,000 units for mutual funds. 5,40,000 units shares have been allocated for the general public. The IPO applications will close tomorrow (Magh 12, 2073). Interested people must apply for a minimum of 50 units and they can apply for a maximum of 3,000 units shares. Applicants can apply from the designated collection centers or from 1,507 ASBA-approved branches all over Nepal. The paid up capital of the microfinance company stands at Rs 14 crore. After the IPO, its paid up will reach Rs 20 crore. The promoter-public shareholding structure after the IPO will be 70:30. Its issued and authorized capital stands at Rs 20 crore and Rs 40 crore respectively. Forward Community Microfinance Bittiya Sanstha Ltd. has earned net profit of Rs 6.15 crore in the first quarter of the FY 2073/74. It has a reserve of Rs 41.88 crore with net worth of Rs 350.60.