NMB FPO possible to be fully subscribed on the last day; Collects Rs 3.34 arba from 68,400 applicants until mid-day today
Thu, Jul 12, 2018 4:59 AM on IPO/FPO News, Stock Market, Latest,
The FPO issue of NMB Bank Limited (NMB) has collected Rs 3.34 arba till mid-day today from over 68,400 applicants. The total issue is worth Rs 3.80 arba. The issue is still short by around 12.11% only. The issue will, most probably, be fully subscribed till today evening.
The FPO issue had started from Jestha 30, 2075. The bank is issuing 1,14,15,163 unit shares as further public offering to the general public at a price of Rs 333 per share. Applications have been received for around 10.03 lakh units until the afternoon of the last day (i.e. today).
Today is the last day of the issue. Institutional investors can apply for the FPO issue as the FPO is not fully subscribed by the general public. However, the general public can also apply along with the institutional investors till today evening. As per the notice published by the bank, the issue will be open for the promoters, directors and their family members from Ashadh 29 till Ashadh 32, 2075 if the issue fails to be fully subscribed by today.
The provision for the maximum limit to be applied for the IPO with premium issue and FPO issue has been changed by the Securities Board of Nepal (SEBON). Since the provision has already been implemented from Ashadh 4, 2075, the amendment in the provision is also applicable for the ongoing FPO issue of NMB. Hence, the maximum units to be applied for the issue is decided to be 50 lakh units amounting Rs 1.665 arba.
ICRA Nepal has assigned Grade 3 rating to the issue indicating average fundamentals.
Citizen Investment Trust has been appointed as the issue manager for the FPO issuance.
After the capitalization of the FPO, paid-up capital will reach Rs 7.60 arba with 51 and 49 percentage shareholding of promoters and general public respectively. The bank has proposed 15% bonus to its shareholders worth Rs 1.14 arba after which the paid up capital of the bank will reach Rs 8.74 arba hence, meeting the minimum capital requirement.
