Nepal Grameen FPO oversubscribed by 16.27 times till third day; Collects Rs 1.58 arba from 1.46 lakh applicants

Nepal Grameen Bikas Bank Limited (NGBBL) has been issuing 9,75,000 units shares worth Rs  9.75 crore as part of its Further Public Offering (FPO) from Bhadra 27, 2074. The FPO is issued at a face value of Rs 100 per share i.e. without adding any premium to the par value. Today is the last day of the FPO. The FPO is oversubscribed by 16.27 times till third  day. As per the official of Prabhu Capital Limited,” The total collection of the FPO reached approximately Rs 1.58 arba till third day. Around 1.46 lakh application forms were received.” Interested applicants were required to apply for a minimum of 50 units of shares and they can apply for up to 4,870 units shares. Prabhu Capital Limited is the issue manager for the FPO. Interested applicants can collect ASBA forms from all ASBA-approved banks around Nepal as Securities Board of Nepal (SEBON) has made ASBA application mandatory from Shrawan 2074. After the FPO, its paid up capital will reach around Rs 55.75 crore and its promoter – public shareholding structure will be maintained at 69.908% and 30.092%. ICRA Nepal has assigned [ICRANP] IPO Grade 4 rating this FPO indicating below-average fundamentals. NGBBL is a national-level microfinance development bank based in Butwal, formed in 2014 by the merger of 5 microfinance companies: Purwanchal Grameen Bikas Bank, Madhyamanchal Grameen Bikas Bank, Paschimanchal Grameen Bikas Bank, Madhya Paschimanchal Grameen Bikas Bank and Sudur Paschimanchal Grameen Bikas Bank Limited.