Support Microfinance IPO allotment concludes through lottery; 16,740 applicants allotted with 10 kitta shares

NMB Capital Limited, the issue manager for the IPO of Support Microfinance Bittiya Sanstha Limited, has allotted units IPO shares today. The allotment was held at NMB Capital’s premises in Nagpokhari, Kathmandu at 9:00 AM. Out of 2,35,248 valid applicants, only 16,740 applicants have been allotted a minimum number of 10 units through lottery. Also, mutual funds were allotted with 9000 unit shares and staffs of the company were allotted with 3600 unit shares. There were 2,37,617 applicants but application of 2,396 applicants were cancelled due to double application, mistakes in Demat account number and application made for more or less than mentioned kitta. Allotment was concluded in the presence of Tola Kantha Neupane from SEBON, Rajan Kumar Basnet from Company Registrar Office, Shreejesh Ghimire, CEO of NMB Capital, Kamal Nepal, COO of NMB Capital and other staffs from NMB Capital, media persons and investors. The blocked amounts of the applicants will be unfreezed after 3 working days from the notice sent by the capital to respective bank. Support Microfinance had floated its Initial Public Offering (IPO) of 1,80,000 unit shares worth Rs 1.80 crore from Ashwin 18, 2074 till Ashwin 23, 2074. Interested investors were required to apply for a minimum of 50 units of share and they could apply for up to 900 units of share. After the IPO, the paid up will reach Rs 6 crore from the current Rs 4.20 crore. Its authorized capital stands at Rs 15 crore. After the IPO, the promoter-public shareholding ratio of the company will be 70 % to 30%. Support Microfinance has earned Rs 48.04 lakh in the fourth quarter of the fiscal year 2073/74. At present, the microfinance is rendering its services in 10 districts. Click here to see the result: