IPO of Nesdo Sambridha Laghubitta Closes With 25,99,598 Applicants

NESDO Sambridha Laghubitta Bittiya Sanstha Limited has closed its IPO issue today i.e. Falgun 15. This IPO issue was open on Falgun 11, 2078.

8,28,750 shares were issued at a par value of Rs. 100 per unit. 0.5% of the total issue, i.e. 12,750 units have been allocated for employees while 5%, i.e. 41,437 units have been allocated for mutual funds. The rest 7,74,563 shares were for the individual public.

According to CDSC, 25,99,598 applicants have applied for a total of 3,01,13,700 units. This is the data as of 5: 05 pm today. Thus, the issue has been oversubscribed 38.87 times. Looking at the data, it is apparent that only 1 in 34 applicants have the chance of being allotted 10 shares.

NESDO Sambridha Laghubitta Bittiya Sanstha Ltd is promoted by National Educational & Social Development Organization, NESDO Nepal. It was incorporated under Company Act-2063 as a Public Limited Company to be operated as a “D” Class National Level Microfinance. The microfinance has an authorized capital of Rs.50 Crore and its issued and paid-up capital is Rs.17,21,25,000.

NESDO Nepal, Prabhu Bank, and 81 individuals from various sectors are the promoters of NSLBSL. NSLBSL started its operation on 5th March 2019. At present, NSLBSL serves 78,000 families residing in the remote area of Nepal through its 56 branch offices located in 17 districts.

Global IME capital was appointed the issue manager for the IPO issuance. ICRA Nepal has assigned the issuer rating of [ICRANP-IR] BB+ (pronounced ICRA NP Issuer Rating Double B plus) indicating the issue has a moderate risk of default.