IPO Allotment of BPW Laghubitta Bittiya Sanstha Concludes; 8,095 Applicants Out Of 14,58,278 Gets 10 Units
Fri, Mar 17, 2023 11:08 AM on IPO/FPO News, Latest,
The IPO allotment of BPW Laghubitta Bittiya Sanstha Limited is concluded today at the premises of Mega Capital Limited, Kathmandu.
BPW Laghubitta Bittiya Sanstha Limited had issued 80,950 units worth Rs 80.95 lakhs as Initial Public Offering (IPO) to the general public (Falgun 18- 23, 2079).
Out of the total 97,000 units; 10% i.e. 9,700 units were for Nepalese citizens working abroad, whereas 1.50% i.e 1,500 units have been set aside for the employees of the company, and 5% of the total offered shares i.e. 4,850 units have been set aside for the mutual funds. The remaining 80,950 units are for the general public.
The issue had received applications from 14,58,278 valid applicants who had applied for a total of 1,57,16,760 units. The issue was oversubscribed by more than 194.15 times.
As per the allotment module, a total of 8,095 applicants were allotted 10 units each via lottery and the remaining 14,50,183 applicants were returned with empty hands.
A total of 1,500 units were allotted to the employees and 4,850 units were allotted to the mutual funds.
In total 1,506 applicants who applied for 19,050 units were disqualified.
Allotment Module:
The IPO result can be accessed by CDSC IPO Result, MeroShare, and Mega Capital Limited.
ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB- (pronounced ICRA NP Issuer Rating Double B minus) to BPW Laghubitta Bittiya Sanstha Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.
BPW Laghubitta Bittiya Sanstha Limited came into existence in September 2018 and started its operations in April 2019 as an MFI, licensed to operate in Bagmati Province. After its licensing, BPW took over the microfinance business being conducted by Business and Professional Women Patan (BPW Patan), an NGO, established in March 1995 and operating as a financial intermediary since 2002. It is promoted by 72 promoters (71 individual promoters and one NGO BPW Patan with a ~1% equity stake). Mr. Pradeep Koirala is the Acting Chief Executive Officer of the company. The registered and corporate office of BPW is in Banepa -8 Kavre, Nepal.
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