Nepal Community Development Bank IPO oversubscribed by over four times

Fri, Jan 24, 2014 12:00 AM on IPO/FPO News,

KATHMANDU, January 24:

The Initial Public Offering (IPO) of Nepal Community Development Bank (NCDB) that opened from Sunday has been oversubscribed by more than four times.

The development bank based in Butwal has floated 300,000 units of ordinary shares at Rs 100 face value.

“The IPO has been oversubscribed by more than four times as we have collected over Rs 12 crore,” an official with Growmore Merchant Banker told ShareSansar today. “However, since not all the cheques have been cleared the figure might be slightly adjusted at the end.”

Of the total primary shares being floated, 6,000 units have been earmarked for its staff.

The development bank has appointed Growmore Merchant Banker as its issue manager, and has set up collection centers at 14 places including all the branches of NCDB, and offices of Growmore, Civil Capital and Laxmi Capital in Kathmandu.

Nepal Community Development Bank Limited had posted a net loss of Rs. 22.3 lakhs during the third quarter of the last fiscal year 2068/69.

Its Net Worth Per Share stands at Rs 91 and EPS at 0.80 percent.