Sparsha Lagbhubitta IPO oversubscribed by 8.33 times on first day; collected Rs 21 crore from 75,000 applicants

  • -ShareSansar
Mon, Mar 11, 2019 7:05 AM on IPO/FPO News, Latest,
Sparsha La...

Sparsha Laghubitta Bittiya Sanstha Limited is issuing 2,69,630 units ordinary shares to the general public from  today (Falgun 26, 2075). The early closing date of this IPO issue is Falgun 29, 2075 and if the issue is not subscribed till Falgun 29 then this issue can be extended upto Chaitra 25, 2075.

As per the issue manager Sanima Capital Limited, the issue has received applications from 75,000 applicants who have applied for a total of 21,00,000 units of shares worth Rs 21 crore till 5 PM today. This issue is oversubscribed by 8.33 times on 1st day of the IPO issue.

Out of the offered 2,69,630 units, 0.5% of issued capital i.e. 4,148 units have been allotted for the employees of the company and 5% of the issue equal i.e. 13,482 units have been allotted for the mutual funds. The remaining 2,52,000 units are for the general public.

Applications can be place for minimum 10 units and maximum 1,340 units.

Sanima Capital Limited has been appointed as the issue manager for the IPO issuance.

Previously the company was set to issue 2.40 lakh unit shares as IPO but has restructured the shares after direction from SEBON.

The paid-up capital will reach Rs 8.29 crore after the issuance of the public shares. After the IPO issue; public holding will be 32.5% and promoters holding will be 62.5%.

Since the size of IPO is less than Rs 3 crore; credit rating for this IPO issue is not required.

The microfinance company currently operates in 10 districts through its 15 branches.