Janautthan IPO collection crosses Rs 3.19 arba; offer oversubscribed 355 times

ShareSansar, March 9:

The flood of applications Janautthan Samudayic lagubitta Bikas Bank Limited (JSLBBL) Initial Public Offering (IPO) received took even the company’s officials by surprise.

According to a Growmore Merchant Bank official, the IPO manager, the offering has been oversubscribed by approx 355 times. The total collection is approximately 3 arba 19 crore 50 lakhs, although the final figure has yet to be compiled.

At last count, Growmore officials said there were more than 74,528 forms.

The issue is managed by Growmore Merchant Banker Limited and the maximum closing date for the IPO was Chaitra 1. Janautthan had floated a total 90,000 units of ordinary shares at face value of Rs 100.

The bank had set aside 4,500 units of shares for the mutual funds. The mutual fund companies who have bought the shares are Nabil Balance fund 1, Siddhartha lagani Briddhi Yojana-1, Siddhartha Equity-Oriented Scheme, NMB Sulav Fund-1 and NIBL Sambriddhi Fund-1. Likewise, 2,700 units have been allocated to the staff member of Janautthan. Therefore, common investors can apply only for the remaining 82,800 units of shares.

Under the IPO, the applicants could apply for a minimum of 10 units and maximum of 2,000 units.

The existing paid up capital of the company is Rs. 1.10 crore and after IPO the development bank’s paid up capital will rise to Rs 2 crore.

It earned a net profit of Rs 26.10 lakh in the fiscal year 2070/71 and has Rs 29.94 lakh in its reserve fund.  The company’s EPS stands at Rs 23.73.