Green Development IPO receives approval from SEBON; Most probably the IPO will be issued by Jestha

Green Development Bank, a 3 districts level development bank had received final approval from Securities Board of Nepal (SEBON) to issue Initial Public Offering (IPO) worth Rs 4.5 crore. Mr. Sudip Raj Bhandari, Head of Operation and Credit Department said, the IPO will be floated by as early as Jestha or by Ashad.” Green Dev Bank is proposing to come out with its IPO of 450,000 units of equity shares of face value Rs 100/- each to be issued to general public at par. NIBL Capital Market Limited is the issue manager of this IPO. The bank has authorization to operate in Baglung, Kaski and Myagdi districts. It is currently operational in Baglung and Myagdi districts. It has a paid up capital of Rs 5.5 crore. After the IPO the paid up capital will be Rs 10 crore. The authorize capital is Rs 32 crore. It has net loss of Rs 26 lakh . It has mobilized deposits of Rs 25 crore with loan and advances of Rs 20.42 crore. The dev bank’s Capital Adequacy Ratio stands at 19.04% and CD Ratio stands at 69.77% as per Q4 of last fiscal year. ICRA Nepal has assigned “[ICRANP] IPO Grade 4,” indicating below average fundamentals to the proposed IPO of Green Development Bank Limited (GREEN).