Kalinchowk IPO closing today; oversubscribed by 5 times in 2 days

ShareSansar, August 12:

Kalinchowk Development Bank Limited is closing its Initial Public Offering (IPO) worth Rs 4.9 crore from today.

According to Growmore Merchant Banker Limited, which is managing the IPO, the issue has been oversubscribed by around five times in the first two days.    

“We are yet to compile the data for the third day,” added an official with Growmore.
Of the total 4.9 lakh units of ordinary primary share floated since August 6, altogether 9,700 units have been 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.