Kalinchowk Development Bank’s IPO oversubscribed by around 30 times

ShareSansar, August 14:

The Initial Public Offering (IPO) worth Rs 4.9 crore of Kalinchowk Development Bank Limited, which closed on Tuesday, has been oversubscribed by around 30 times.

According to Growmore Merchant Banker Limited, which is managing the IPO, the issue has drawn around Rs 147 crore, though they are still compiling the final data.    

The IPO had been oversubscribed by around 9.5 times on the third day, most of the institutional investors had applied only on the last day of the issue.

Of the total 4.9 lakh units of ordinary primary share floated since August 6, altogether 9,700 units were allocated for the staff and 24,500 units for the mutual fund.

The development bank’s net worth per share during the third quarter of the last fiscal year was Rs 103.32 and the earning per share was Rs 3.65.

Likewise the net profit of the development bank in the third quarter of the fiscal year 2070/71 was Rs 18.62 lakh, the reserve was Rs 36.20 lakh and the paid-up capital was Rs 5.10 crore.   

The development bank is “B” class bank based in Dolakha district and is functional in three districts that are Dolakha, Sinduli and Ramechhap.