Forward Community IPO collects more than Rs 2 arba in three days from regular applications; issue closing today

Forward Community Microfinance IPO has collected more than Rs 2 arba in three 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, the issue has collected over Rs 2 arba from regular IPO forms. The collection from ASBA applications will be known only after 5 days. 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. 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. Although interested people could apply via ASBA branches, thousands of others have preferred to wait hours in line to submit via regular IPO forms. [caption id="attachment_88757" align="aligncenter" width="650"] Applicants waiting in line outside Everest Bank, New Road[/caption]   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.