IPO of Morang-based Saptakoshi Development likely by Baishakh end; to float 4,00,000 kittas

ShareSansar, April 8:

Saptakoshi Development Bank Limited is likely to float its Initial Public Offering by Biashak end or the first week of Jestha. “The process related to IPO is almost over,” said a bank official.

The bank had applied for the IPO issue at Securities Exchange Board of Nepal (SEBON) on Falgun 18, 2071.

The development bank is planning to raise Rs 40 million by floating 4,00,000 unit shares at the face value Rs 100.

Meanwhile, ICRA Nepal has assigned “[ICRANP] IPO Grade 4”, indicating below average fundamentals to the proposed IPO amounting NPR 40 million of Saptakoshi Development Bank Limited (SKDBL),

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.

Saptakoshi Development Bank Limited has posted a net profit of Rs 2.82 million for the 4th quarter of the fiscal year 2070/71.