Mero Microfinance allotment of 6.12 lakh unit IPO shares within Baisakh 29

Mero Microfinance Bittiya Sanstha Limited had floated its Initial Public Offering (IPO) worth Rs 6.12 crore (6.12 lakh units shares) from Falgun 27, 2072 to till Chaitra 1, 2072.  The IPO was oversubscribed by 194.28 times till last day. SEBON rules require the allotments to take place within 40 days after the IPOs close. But in case of IPOs that receive more than 1 lakh applications, companies are given maximum 50 days to announce the allotment. The IPO of Mero Microfinance has already crossed 50 days and yet the allotment of shares have not taken place. As per the official of SEBON, We have extended the allotment time for 7 days due to  huge volume of cheque the IPO had received and also due to the some internal matter of the issue manager. Mr. Ram Hari Dahal, CEO of Mero Microfinance Bittya Sanstha limited said “The allotment of the IPO will take place within 28 or 29 Baisakh 2073.” Global IME Capital Limited has been appointed as the issue manager for the IPO. The microfinance company plans to raise Rs 6.12 crore through the offer. After the IPO, the promoter-public ratio of the company will be 69.40 % to 30. 60%. The microfinance company has earned net profit of Rs5.53 crore in the third quarter of current fiscal year 2072/73.