Saptakoshi IPO collection exceeds Rs 1.40 arba; oversubscribed above 35 times

ShareSansar, June 10:

Biratnagar based Saptakoshi Development Bank Limited has been going public with 400,000 shares as part of its Initial public offering (IPO) and Jestha 25 (today) is the last day of the IPO.

As per the NMB capital official, The IPO is oversubscribed by more than 35 times. The final collection reached 1 arba 40 crore 14 lakh 41 thousand. Total 20,000 application forms were collected. Still the appropriate figures are yet to be compiled.

The issue is managed by NMB Capital Limited. The maximum closing date has been set for Asar 3.

After the IPO, the paid up capital of the bank would reach to Rs 10 crore and its promoter-public ratio would stand at 60% to 40%.

Of the total issue, the bank has set aside 8,000 shares for its employees whereas 20,000 unit shares have been earmarked for mutual fund companies. Of the total shares allocated for mutual fund companies, 4,000 units each has been allocated to Nabil Balance Fund – 1, NMB Sulav Investment Fund – 1, NIBL Sambriddhi Fund – 1, and Laxmi Value Fund -1 4,000.

The remaining 3, 72, 000 units have been set aside for the general public.

Other two mutual fund schemes Siddhartha Equity Oriented Scheme and Siddhartha Investment Growth Scheme- 1 have been allocated 2,667 units and 1,333 units respectively.

ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed Initial Public Offering (IPO) amounting NPR 40 million of Saptakoshi Development Bank Limited (SKDBL).

The bank earned a net profit of Rs 15.16 lakh by the end of Poush 2071/72. It had mobilized deposits worth Rs 32.05 crore during the same period. The banks EPS stood at Rs 5.15 and networth per share at Rs 106.16.