Mt Makalu’s IPO allotment advice and refund to non-allottees from Friday

ShareSansar, May 26:

Mount Makalu Development Bank is going to distribute Initial Public Offering (IPO) allotment advice and refund the non-allottees from Friday.

Issuing a notice today, Growmore Merchant Banker Limited, the issue manager, has stated that altogether 10,460 among those who had applied for the primary shares worth Rs 60 lakh were allotted the scrip on Saturday.

Growmore has urged the investors to contact the collection centers where they had duly applied for the IPO.

As per the allotment model, those who had applied for up to 630 units or Rs 63,000 have been placed under lottery, which means that all the retail investors have been placed under lottery.

The IPO floated from April 11 to April 16 had been oversubscribed by a little more than 60 times, according to the issue manager, Growmore Merchant Banking Limited.

There were a little more than 1,000 applicants from both the retail and institutional investors.

Since the IPO was oversubscribed by 60 times, it is allotted at a flat rate of 1.53 percent.

Of the total 60,000 units of primary shares floated, 3,000 units had been earmarked for the mutual fund, 1,200 units for the staff and the rest for the general public.

This IPO had attracted many inventors due to the sound financial statement of the company.

The bank’s net worth per share during last fiscal year is Rs.140 and earning per share is Rs.13.43 which indicates sound financial statement.

After the issuance of IPO, the bank’s paid-up capital will be Rs.2 crore.