Sahara Bikas Bank’s IPO likely to be over-subscribed by 79 times

ShareSansar, June 12:

Sahara Bikas Bank Limited's Initial Public Offering (IPO), worth Rs 60 lakh, has received an overwhelming response.

The class ‘B’ development bank based in Malangwa of Sarlahi district had floated the IPO on June 6.

According to an official of Global IME Capital Limited, which is managing the IPO, the final data is still in the process to be compiled. However, they mentioned that the IPO has drawn approximately Rs 47 crore and is oversubscribed around 79 times if few cheques do not bounce.

Applicants had to apply for a minimum of 50 units and maximum of 5,000 units of the primary shares which were floated at the face value of Rs 100 per unit few days back.

Of the total 60,000 units of the shares being issued, 3,000 units had been earmarked for the mutual funds and another 1,200 had been set aside for the bank staffers.

Sahara had got the approval from the Securities Board of Nepal (SEBON) on April 16 to float the IPO.

The development bank’s paid-up capital will rise to Rs 2 crore from the existing Rs 1.4 crore following the IPO.