Mero Microfinance concluded its IPO allotment today at the Hotel Yellow Pagoda; up to 2300 units decided thru lottery

Mero Microfinance has concluded its IPO allotment today on 56th day after the issue was closed. Allotment for investors who had applied from Rs 5000 or 50 units to Rs 2,30,000 or 2300 unit shares was decided through a lottery and remaining investors who had applied for Rs 2, 40,000 or 2400 units to Rs 10,00,000 and 10,000 units allotted 0.41% on pro-rata basis. 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. Global IME Capital Limited has been appointed as the issue manager for the IPO. Of the total 5,56,920 unit shares set aside for public, 40% or 2,22,768 shares, were put aside for retail investors and 60% or 3,34,152 untis shares, under “other investor” category. Retail investors applied for a total of 4,64,36,060 unit shares and those in the others category demanded 8,16,28,410 units. The shares set aside for retail investors were oversubscribed by 208.45 times and those set aside under other category were oversubscribed by 244.29 times. Of the total 1,81,562 applicants’ only 40,645 investors got the shares including 7 mutual fund and 155 staff.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.