GBIME share auction: Rs 670.30 likely cut-off rate

ShareSansar, 4th August:

The cut-off price for the Global IME Bank Limited’s  Follow on Public Offer (FPO) of 3,49,594 unit shares as per the ongoing result is likely to be Rs 670.30.

The FPO, which was called by the bank to maintain the mandatory public share holding of 30 percent, till now, has received the highest bid price of Rs 725.

The bank had asked the minimum bid price of Rs 153 per unit share but going by the ongoing result it highly unlikely for the investors’ biding below Rs 670.30 to have any chance.

“Institutional investors have bid in large volume so it is unlikely for small investors bidding below Rs 670 to have any chance,” says one of the bidders participating in the auction.

Life Insurance Co. Nepal (LICN) has made bid of 75,000 units at Rs 671. Similarly, Nepal Life Insurance Co. Ltd. has made massive bid of 100,000 units at Rs 670.30.

Likewise, another bulk bid is of Prudential Investment of 25,000 units at Rs 683.50.