NMB Capital to conclude Support Microfinance allotment of 1.80 lakh units shares tomorrow

NMB Capital Limited, the issue manager for the Initial Public Offering (IPO) of Support Microfinance Bittiya Sanstha Limited , is going to conclude the allotment tomorrow (Kartik 22, 2074). As per the official of NMB Capital,” All the details regarding IPO allotment will be made public tomorrow in the premises of NMB Capital located at Nagpokhari, Kathmandu at 9 AM.” Support Microfinance had floated its IPO of 1,80,000 unit shares worth Rs 1.80 crore from Ashwin 18, 2074 till Ashwin 23, 2074. The IPO has been oversubscribed by 133.96 times till last day. The issue has collected Rs 2.24 arba from more than 2 lakh 36 thousand applications till last day. As per the Securities Issue and Allotment Guidelines 2074, a minimum of 10 units is reserved for each applicant whenever possible. In this case, only 16,740 general public applicants out of more than 2,36,000 applicants will be allotted 10 units of share. Only 1 out of 14 applicants will receive 10 shares each via lottery. Interested investors were required to apply for a minimum of 50 units of share and they could apply for up to 900 units of share. The microfinance company has set aside 2% or 3,600 unit shares for its employees and 5% or 9000 unit shares for the existing 11 mutual fund companies. The company had issued 1,67,400 units shares to general public.  After the IPO, the paid up will reach Rs 6 crore from the current Rs 4.20 crore. Its authorized capital stands at Rs 15 crore. After the IPO, the promoter-public shareholding ratio of the company will be 70 % to 30%.