CYC Nepal Laghubitta Bittiya Sanstha Limited (CYC) has submitted an application to the regulatory board SEBON proposing to issue 3,95,336 shares via an Initial Public Offering (IPO). SEBON received the application on Ashoj 11.
CYC Nepal Laghubitta is a microfinance company with its central office in Baglung. The company recently acquired Shaligram Laghubitta, another microfinance company with its central office in Beni, Myagdi. After a successful acquisition process, CYC Nepal Laghubitta and Shaligram Laghubitta have commenced joint operation in the name of CYC Nepal Laghubitta Bittiya Sanstha Limited from 29th Ashar, 2078.
After the acquisition, the authorized capital of the company has scaled to Rs. 20 crores and the issued capital has scaled to Rs. 12,16,41,837.04. Promoters own 67.5% of the company, the rest of which will be fulfilled via this IPO.
The microfinance company has 37 branches and serves more than 47,000 families at the national level.
Global IME Capital has been appointed the issue manager for the IPO issue. The issue manager agreement was signed between the managing director of the microfinance company, Mr. Dolindra Prasad Sharma, and deputy CEO of the capital, Mr. Parag Bista.