Last day to apply 1.80 lakh unit IPO shares of Support Microfinance; Advisable to apply 50 units 

Support Microfinance Bittiya Sanstha Limited is closing its Initial Public Offering (IPO) of 1,80,000 unit shares worth Rs 1.80 crore today (Ashwin 23, 2074). The offer was open from Ashwin 18, 2074. The maximum closing date for the offer is Kartik 16, 2074. Interested investors must apply for a minimum of 50 units of share and they can apply for up to 900 units of share. The microfinance company has set aside 2% or 3,600 unit shares for its employees and 5% or 9000 unit shares for the existing 11 mutual fund companies. The company will be floating 1,67,400 units shares to general public. NMB Capital Limited is the issue manager for IPO. Interested applicants can collect ASBA forms from all ASBA-approved banks around Nepal as Securities Board of Nepal (SEBON) has made ASBA application mandatory from Shrawan 2074. The microfinance company plans to raise Rs 1.80 crore through the offer. After the IPO, the paid up will reach Rs 6 crore from the current Rs 4.20 crore. Its authorized capital stand at Rs 15 crore. After the IPO, the promoter-public ratio of the company will be 70 % to 30%. As per the official of NMB Capital Limited, the issue manager for the IPO, “the issue has collected Rs 59.99 crore till second day. More than 71,000 application forms were received.” The IPO has been oversubscribed by 35.84 times till second day. Support Microfinance has earned Rs 48.04 lakh in the fourth quarter of the fiscal year 2073/74. At present the microfinance is rendering its services in 10 districts.