ICRA Nepal assigns 4 to upcoming IPO issue of Green Development Bank; IPO within 2 months

ICRA Nepal has assigned “[ICRANP] IPO Grade 4,” indicating below average fundamentals to the proposed IPO of Green Development Bank Limited (GREEN).   Prakash Kumar Shrestha, CEO of Green Development Bank said, The IPO is on review process on SEBON. It will be floated within 2 months. The development bank will be floating IPO shares worth Rs 45 million.   ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor fundamentals. Green Development Bank is proposing to come out with the 450,000 unit shares of face value Rs 100. NIBL Capital Markets Limited will be issue manager for 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. 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 development bank’s Capital Adequacy Ratio stands at 19.04% and CD Ratio stands at 69.77% as per Q4 of last fiscal year.