Securities Exchange Board of Nepal (SEBON) has approved proposed IPO of NIC Asia Laghubitta Bittiya Sanstha Limited. The microfinance is looking to raise capital worth Rs 47.55 Crore through issue of 4,755,000 units of shares at par value of Rs.100 per share. The total capital after the IPO will be Rs 1.48 arba.
Sanima Capital Limited has been appointed as the issue manager.
CARE Ratings Nepal Ltd. (CRNL) has assigned grading of “CARE-NP IPO Grade 4+” to the proposed Initial Public Offer (IPO) of NIC Asia Laghubitta Bittiya Sanstha Ltd. (NALB).
NALB is a “D” class National Level microfinance institution incorporated on July 25, 2017, licensed by Nepal Rastra Bank on November 24, 2017 and commenced operation on November 28, 2017. It is 100% subsidiary company of NIC Asia Bank Ltd. and primarily engaged in providing microfinance loan based on Joint Liability Group (JLG) model with each group consisting of minimum five members. As on October 17, 2019, it has Rs 1,005 Mn paid up share capital which held by promoter shareholder. After issue of proposed IPO, the share capital of the company is expected to be Rs 1,480 Mn which will be held by promoter and public shareholders in 67.87:32.13 ratio.
NIC Asia Laghubitta reports net profit of Rs 11.12 crore of Q2 of 2076/77; NPL at 0.52%
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