Salapa Bikas Bank Limited Closing 1,72,388 Units IPO Shares to Foreign Nepalese Immigrants From Today

Salapa Bikas Bank Limited is closing the issue of its IPO for foreign Nepalese Immigrants today, the 29th Mangsir, 2082. The issue opened on the 25th Mangsir, 2082.

The issued capital of the company is Rs. 52.23 Crores. Of this, 33%, i.e., 17,23,880 unit shares, will be issued to the public. Of this general public issue, 10%, a total of 1,72,388 unit shares, have been set aside for Nepalese citizens working abroad, and the issue for this category will close from today.

Of the general public issue, 0.50%, i.e., 26,119 units, have been set aside for the company's employees, and 5% of the total offered shares, i.e., 86,194 units, have been set aside for the mutual funds. The remaining 14,39,179 units will be issued for the general public.

For Nepalese citizens working abroad, the minimum application quantity to be applied is 10 units, while the maximum quantity is 25,000 units.

According to CDSC, 69,891 applicants have applied for a total of 12,31,930 units. Thus, the issue has already been oversubscribed by 7.14 times.

Muktinath Capital Limited has been appointed as the issue manager.

Infomerics Credit Rating Nepal Limited has assigned an issuer rating of IRN B (Is) [Single B (Issuer)], indicating a high risk of default in the timely repayment of financial obligations.

Salapa Bikas Bank Limited (SBBL), a “B” Class development bank licensed by Nepal Rastra Bank, is a one-district regional bank based in Khotang with 6 branches and its head office. Incorporated on July 16, 2012, it began commercial operations the same year. Promoted by individuals from diverse backgrounds, the major shareholders as of mid-October 2024 are Mr. Dhan Prasad Rai (0.61%) and Mr. Manindra Rai (0.50%). The bank has a paid-up capital of NPR 350 million, entirely held by its promoters.