Forward Community Microfinance IPO allotment concludes; up to 1,030 units decided through lottery, others allotted 0.89 % on pro-rata basis

Forward Community Microfinance Bittiya Sanstha Limited has concluded allotment of 6 lakh units IPO shares today at Nabil Investment Banking Limited, Naxal, Kathmandu at 2:30 PM. Allotment for investors who had applied from Rs 5,000 (or 50 units) to Rs 103,000 (or 1,030 units) were decided through lottery and those who got the shares through lottery were allotted 10 shares each. Remaining investors who had applied from Rs 1,04,000 (1,040 units) to Rs 3,00,000 (or 3,000 units) were allotted 0.89% on pro-rata basis. Out of the total 124,725 valid applicants, only 38,008 got the shares. A total of 5,40,000 unit shares were allotted to the applicants. Staffs were allotted 30,000 units shares and the mutual funds were allotted 30,000 units shares. There were 2,062 invalid applicants. The shares set aside for retail investors (who had applied from 50 units to 500 units) was oversubscribed by 109 times and those set aside for Other category (who had applied from 510 units to 3,000 units) was oversubscribed by 112 times. Nabil Investment Banking Ltd. was the issue manager for this IPO. Forward Community Microfinance Bittiya Sanstha Ltd. has earned net profit of Rs 14.58 crore in the second quarter of the fiscal year 2073/74. After the IPO, the paid up capital of the national-level microfinance company has reached Rs 20 crore with promoter – public shareholding structure at 70:30. Its issued and authorized capital stands at Rs 20 crore and Rs 40 crore respectively.