Kisan IPO oversubscribed more than 17.31 times on first day; can apply till tomorrow

ShareSansar, June 18:

Kisan Microfinance Bittiya Sanstha Limited initial public offering (IPO) has been oversubscribed more than 17.31 times on the first day.

According to a Civil Capital Market official, the total collection on the first day (i.e. on tuesday) of the IPO has reached Rs 13 crore 85 Lakhs.

Accham district based --Kisan Microfinance Bittiya Sanstha Limited has floated its initial public offering (IPO) of 80,000 unit’s shares.

Interested people must apply for a minimum of 50 units of shares and they can apply for up to 1,000 units of shares.

The offer will close on Ashad 4, whereas the maximum closing date for the IPO has been set for Asar 15.

Civil Capital Market Limited has been appointed the issue manager for the IPO.

The microfinance has set aside, 2400 unit shares for its employees. And 4,000 unit shares will be allotted on a pro rata basis to the existing 6 mutual fund companies. The mutual fund schemes are Nabil balance fund-1, NMB Sulav Investment Fund – 1, NIBL Sambriddhi Fund – 1, and Laxmi Value Fund -1, Siddhartha Equity Oriented Scheme, and Siddhartha Investment Growth Scheme- 1.

The microfinance paid-up capital will rise to Rs 2 crore from the existing Rs 1.20 crore following the IPO. It earned a net profit of Rs 25.66 lakh as of 3rd quarter of the fiscal year 2071/72 and has Rs 59.51 lakh in its reserve fund.