Forward Community Microfinance issuing 6 lakh units IPO shares from today; Applicants can apply up to 3,000 units; first IPO to accept applications through ASBA

Forward Community Microfinance Bittiya Sanstha Limited will be issuing 6 lakh units shares worth Rs 6 crore as a part of their Initial Public Offering (IPO) from today (Magh 9, 2073). It is the first public offering to accept applications through ASBA process. The IPO applications will close on Magh 12, 2073. The maximum closing date for the offer is Magh 23, 2073. Interested people must apply for a minimum of 50 units and they can apply for a maximum of 3,000 units shares. Nabil Investment Banking Ltd. has been appointed as the issue manager for this IPO. The company has set aside 30,000 shares for staffs, and 30,000 shares for the 10 existing mutual fund schemes: Nabil balance fund-1, NMB Sulav Investment Fund – 1, NIBL Sambriddhi Fund – 1, Laxmi Value Fund -1, Siddhartha Equity Oriented Scheme, Siddhartha Investment Growth Scheme- 1, Global IME samriddhi Fund-1, Nabil Equity Fund , NMB Hybrid Fund L-1 and NIBL Pragati Fund. The company has set aside 5,40,000 unit shares to the general public. ICRA Nepal has assigned [ICRANP] IPO Grade 4+ rating to this IPO. 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. Interested applicants can apply from the collection centers below, or from 1,507 ASBA-approved collection centers around Nepal. Collection center details: