Kalika Micro Credit’s IPO likely to draw Rs 1 arba

ShareSansar, Sept 24:

The Initial Public Offering of Kalika Micro Credit Development Bank Limited, which closed yesterday, and has collected above Rs 1 arba, that is more than 50 times of the total issue.

If the ongoing calculation of the application is anything to go by, the final collection will be more than Rs 1 arba, sources at NMB Capital Limited, the issue manager, told ShareSansar.com.  However, the final figure will be clear only by the evening due to the huge number of applications.

The development bank had floated issue 2 lakh unit IPO shares in the market at the rate of Rs 100 per unit on September 19, i.e. last Thursday, to collect Rs 2 crore.

As the IPOs to be subscribed the most during the closing day, Kalika Micro Credit’s IPOs are likely to be oversubscribed by many folds.

Among the 2 lakh IPOs floated in the market, 4,000 units are reserved for its staff and 10,000 units are reserved for the mutual funds.

Of the 10,000 unit IPO allotted to the mutual funds, the development bank has already set aside 5,000 unit shares to Nabil Balance Fund and the remaining 5,000 units to Sidhartha Investment Growth Plan-1.

The general public could bid for a minimum of 20 IPO units to a maximum of 5,000 units.

Kalika Micro Credit has an authorized capital of 10 crore, current capital of Rs 5 crore and a paid-up capital of Rs 3 crore.

With the IPO issuance, its paid-up capital will now rise to Rs 5 crore.