Rastra Utthan Laghubitta closing IPO issue from today; IPO already applied by 20,67,443 applicants
Sun, Feb 20, 2022 8:48 AM on IPO/FPO News, Latest,
Rastra Utthan Laghubitta Bittiya Sanstha Limited is closing the issue of 8,50,000 units worth Rs 8.5 crore as Initial Public Offering to the general public from today ie Falgun 8. This IPO issue was opened on Falgun 4.
Out of the offered 8,50,000 units; 0.5% of the issued capital i.e. 13,000 units have been set aside for the employees of the company and 5% of the total offered shares to the general public i.e. 42,500 units have been set aside for the mutual funds. The remaining 7,94,500 units are for the general public.
NIBL ACE Capital Limited has been appointed as the issue manager for the IPO issuance.
Applications can be placed for a minimum of 10 units and a maximum of 1,000 units.
According to CDSC, 20,67,443 applicants have applied for a total of 2,41,68,640 units. This is the data as of 17:22 PM Friday. Thus, the issue has already been oversubscribed over 30.41 times.
After the issuance of 8,50,000 units worth Rs 8.5 crore IPO shares the general public i.e 32.69% of total capital which will together raise its paid-up capital to Rs 26 crore and the promoter/public ratio will be 67.31:32.69.
Rastra Utthan Laghubitta Bittiya Sanstha Limited started its operation in 2075 as a national level class D microfinance institution, licensed by the Nepal Rastra Bank. After its licensing, RULBSL took over the microfinance business of Nepal Rural Development Organization (NeRuDO), a financial intermediary NGO established in 2054.
As of today, the company has a presence in 39 districts with 94 total branches. Nepal Rural Development, Rastriya Banijiya Bank, Prabhu Bank are the major promoters of RULBSL.
ICRA Nepal has assigned the issuer rating of [ICRANP-IR] BB (pronounced ICRA NP issuer rating double B) to RULBSL. Issuers with this rating are considered to have a moderate risk of default regarding timely servicing of financial obligations.
