Proposed IPO of Vijaya Laghubitta gets ICRA Grade 4; microfinance to float 4,20,000 shares

ShareSansar, March 30:

ICRA Nepal has assigned “[ICRANP] IPO Grade 4,” indicating below average fundamentals to the proposed IPO of Vijaya Laghubitta Bittiya Sanstha Limited. ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor fundamentals.

The microfinance company is floating shares worth Rs 42 million. Vijaya Laghubitta is proposing to issue 420,000 unit shares at face value Rs 100. After raising Rs 4 crore 20 lakh from the public, the company’s paid up will rise to Rs 14 crore and the promoter-public ratio will stand at 70% to 30%.

The offer will open on Chaitra 18 and end on Chaitra 22. The maximum closing date has been set for Baisakh 2, 2072. Interested investors must apply for a minimum of 50 shares and they can apply for a maximum 2,000 shares.

Vijaya Laghubitta had posted net profit of Rs 4.35 million during the 2nd quarter of the fiscal year 2071/72.