SEBON to approve IPO of Mero Microfinance this week; FPO of Nepal Investment Bank in Pipeline
Sun, Jan 10, 2016 3:15 AM on Latest, Exclusive, IPO/FPO News, Featured,
Mero Microfinance Bittiya Sanstha Limited is a national level microfinance company promoted by 8 commercial banks and 2 development banks. It is planning to issue 6,12,000 Kitta primary shares (IPO) to the general public . The process to issue IPO share is at Secuities Board of Nepal (SEBON) for approval.
An Official from Sebon, Mr. Ambika Prasad Giri, said " The approval process for IPO of Mero Microfinace is expected to be completed soon. If everything goes as planned, IPO will be approved by the end of this week."
Ram Hari Dahal, CEO of Mero Microfinance said, " We will publish offer letter of IPO within seven days after we get approval from SEBON. Law requires application for IPO by investors can only be begin after seven days of publishing offer letter in national daily. So, it would be fair to say investors can start applying for IPO of Mero Microfinance within 15 days after we get approval from SEBON."
ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed IPO amounting to NPR 61.20 million of Mero Microfinance Bittiya Sanstha Limited.
Similarly, Nepal Investment Bank Ltd. (NIB) is coming out with FPO of 9,069,388 numbers of equity shares of face value NPR 100/-each to be issued to the general public (8,615,919 shares) at a premium of NPR 501 per share (issue price for public NPR 601 per share) and staff (453,469 shares) at a premium of NPR 260 per share (Issue price for staff NPR 360 per share). This issue is also at SEBON for approval.
Mr. Giri told ShareSansar that reviewing process of FPO of NIB has begun at SEBON. It is hard to speculate time frame for the approval process to complete at this time as the review process is at early stage, added Mr. Giri.
ICRA Nepal has assigned an “[ICRANP] IPO Grade 3+”, indicating average fundamentals of the proposed Further Public Offer (FPO) amounting to NPR 5,341.42million of Nepal Investment Bank Limited (NIBL).
