IPO of Upakar Laghubitta Closes With 124.64 Times Oversubscription

Upakar Laghubitta Bittiya Sanstha Limited has successfully closed its IPO issue today. The IPO was supposed to close at the early closing date on 29th Chaitra, 2078 since it was already oversubscribed on the first day itself. However, the IPO closed today, i.e. on 30th Chaitra at the end of banking hours because the government decided to give a public holiday on Chaitra 27 on the occasion of Ram Nawami.

The company had submitted an application to SEBON requesting to issue 36% of its issued capital in the form of an IPO. The proposal was submitted on Shrawan 13. SEBON then approved the application on Chaitra 07.

The company has a total of 6,56,250 registered shares of which 2,36,250 shares were issued in the upcoming IPO. Thus, the IPO will raise a total of Rs. 2,36,25,000 in paid-up capital. Of the total public issue, 0.5%, i.e. 3,281 shares were reserved for employees while 5%, i.e. 11,813 shares for mutual funds. The remaining 2,21,156 shares were for the individual public.

According to CDSC, 24,31,170 applicants have applied for a total of 2,75,65,230 units. This is the data as of 5: 02 pm yesterday. Thus, the issue has been oversubscribed over 124.64 times already.

Applicants can apply for a minimum of 10 units to a maximum of 1000 units.

Nepal SBI Merchant Banking Limited has been appointed the issue manager for the proposed IPO issue.

Upakar Laghubitta Bittiya Sanstha Limited posted a net profit of Rs 18.84 million in the 2nd quarter of the fiscal year 2078/79.