Mahuli Samudayik Laghubitta IPO collects approx.18 crore from around 9000 applicants till second day;  Oversubscribed by more than  16  times from regular applications only

Mahuli Samudayik Laghubitta Bittiya Sanstha Limited has been issuing its Initial Public Offering (IPO) of 1,20,000 unit shares worth Rs 1.20 crore from Baisakh 7, 2074.  Today is the third day of the IPO. The IPO has been oversubscribed by more than 16.48 times till second day. As per an official of NCM Merchant Banking Limited, the issue manager for the IPO, the issue has collected approximatelyRs 18 crore till second day from regular applications only. Around 9,000 application forms were received. Collections from ASBA applications have not been yet compiled. The offer will close  tomorrow (Baisakh 11, 2074). Interested investors must apply for a minimum of 50 units of share and they can apply for up to 600 units of share. The microfinance company has set aside 4,800 unit shares or 4% for its employees and 6,000 unit shares for the existing ten mutual fund companies. The mutual fund schemes are Nabil Balanced Fund-1, Nabil Equity Fund, NMB Sulav Investment Fund – 1, NMB Hybrid Fund L-1, NIBL Sambriddhi Fund – 1, NIBL Pragati Fund, Laxmi Value Fund -1, Siddhartha Equity Oriented Scheme, Siddhartha Investment Growth Scheme- 1 and Global IME Sammunat Scheme – 1. The company has set aside a total of 1,09,200 unit shares to the general public. NCM Merchant Banking Limited is the issue manager for the IPO. The microfinance company plans to raise Rs 1.20 crore through the offer. After the IPO, the paid up will reach Rs 4 crore from the current Rs 2.80 crore. Its authorized capital stands at Rs 15 crore. After the IPO, the promoter-public ratio of the company will be 70 % to 30%. Mahuli Samudayic was established on June, 1994. It basically focused on community development services at the time of its inception. It started microfinance program from September, 2000 and got upgraded to Class “D” financial institution in the FY 2070/71. The microfinance company has its working area in 10 districts with 28 branches.