Nepal Agro Laghubitta IPO oversubscribed more than 19 times; applications received for more than 30 Lakh units

Tue, Apr 23, 2019 4:49 PM on IPO/FPO News, Latest, Stock Market,
Nepal Agro...

Nepal Agro Laghubitta Bittiya Sanstha Limited is issuing 1,61,778 units ordinary shares worth Rs 1.61 crore to the general public from  Baisakh 8, 2076. The early closing date of this IPO issue is on Baisakh 11, 2076 and if the issue is not subscribed till Baisakh 11 then this issue can be extended upto Jestha 6, 2076.

Out of the offered 1,61,778 units; 2,489 units have been allotted for the employees of the company and 8,089 units have been allotted for the mutual funds. The remaining 1,51,200 units are for the general public.

Applications can be place for minimum 10 units and maximum 800 units.

Nepal SBI Merchant Banking Limited has been appointed as the issue manager for the IPO issuance.

According to the issue manager, a total of 146,599 verified applications were received applying for 30,83,340 unit shares. The issue has already been oversubscribed 19.05 times till today.

Nepal Agro Laghubitta Bittiya Sanstha Limited (Nepal Agro Microfinance Bittiya Sanstha Ltd.) was established on 19th April 2016 (2073/01/07). It is registered as a public limited company under Company Act of Nepal 2006.

Nepal Agro Laghubitta Bittiya Sanstha Ltd. received operating license from Nepal Rastra Bank as ‘D’ class financial institution on 8th September, 2016 (2073/05/23) to operate under Bank and Financial Institution Act, 2006. Its operation started from 20th September 2016 (2073/06/04).

Central Office of Nepal Agro Laghubitta is located in western part of Nepal, Pokhara, Kaski and it's working districts as of now are Kaski, Parbat, Baglung, Gulmi, Palpa, Salyan, Pyuthan, Rolpa, Tanahu and Lamjung.

As of second quarter of FY 75/76, the share capital of the microfinance company stands at Rs.3.36 Crore and the reserves stand at Rs.23.59 Lakhs. The net interest income for the period stands at Rs.1.04 Crore with net profit of Rs.72.20 Lakhs.