Mega breaks new ground in Nepal IPO history; 1,58,271 applications help raise Rs 14.2 arba

Sun, Jun 9, 2013 12:00 AM on IPO/FPO News,

ShareSansar, June 9:

In what has turned out to be a record breaking success in Nepal’s IPO history, Mega Bank received a total of 1,58,271 applications and collected Rs 14.2 arba from its initial public offering. In the process, Mega’s IPO was oversubscribed by a whopping 22 times.

In a letter to Mega Bank’s staff, CEO Anil Keshary Shah congratulating his team, says that the resounding response to the bank’s IPO truly reflects “the confidence that Mega Team has earned right across the nation.”

“We have built a Bank that an unprecedented number of fellow Nepalis have enough faith in to put their hard earned money forward to be a part of our Mega family! Whereby enabling us to raise Rs.14.2 arba billion in just 4 days!  This is every sense is an incredible achievement, an achievement we have all worked towards earning,” he writes in the letter.

Expressing full confidence in his team he says, “I for one have full confidence that we will deliver on these expectations and more, and I have this confidence because I have unwavering confidence in our Team Mega!”

Shah ends the letter reiterating the bank’s operating motto. “I look forward to journeying forward together in humility and hard work, to build a bank for every Nepali from Halo to Hydro, to build our Mega Bank!” Shah says before signing off.