Pokhara Finance FPO collects tentative Rs 72.60 crore from around 49,000 applicants till last day

Pokhara Finance Limited (PFL) had issued its Further Public Offering (FPO) of 9,83,682 units shares worth Rs  21.64 crore at Rs 220 per unit from Shrawan 29, 2074 till Bhadra 1, 2074. The FPO has been oversubscribed by more than 3.35 times till last day Badri Pyakhurel, Merchant Banking Head of NIBL Capital Market Limited said, “The issue has collected around Rs. 72 crore 60 lakh till last day. Around 49,000 application forms were received.” On the fourth day only, the FPO has collected Rs 30.60 crore from around 20,400 applicants. The data are tentative final data may vary, added Mr. Pyakhurel. Applicants were required apply for a minimum of 10 units of shares and they can apply for up to 4,900 units shares. NIBL Capital Markets Limited is the issue manager for the FPO. After the FPO, its paid up capital will reach around Rs 65.57 crore and its promoter – public shareholding structure will be maintained at 51% and 49%. Its reserve will grow by Rs 11.80 crore. Finally, after proposed 15% right share issuance, its paid up capital will reach Rs 75.40 crore. As a national level finance company, it should hike its paid up capital to a minimum of Rs 80 crore by the end of FY 2073/74. ICRA Nepal has assigned IPO Grade 4 to this FPO indicating below-average fundamentals.