Suryodaya & RSDC Laghubitta IPO gets approval from SEBON

Suryodaya Laghubitta Bittiya Sansthan  and RSDC Laghubitta Bitiya Sansthan Limited have received approval from the Securities Board of Nepal (SEBON) to float the Initial Public Offering (IPO). Suryodaya Laghubitta will be floating IPO of 1 lakh and 20 thousand units share worth Rs 1.20 crore to general public. Global IME Capital Limited has been assigned as the issue manager of the same. An officer of Global IME Capital said, “ we are still not sure how much time will it take, we can only be sure about the time of issuance of IPO by Shrawan first week.” Suryodaya Laghubitta had  a net profit of  Rs 1.14 in Q3 of the ongoing fiscal year.  At present the paid up capital of Microfinance stands at Rs 2.80 crore. After the IPO the paid up capital will reach to Rs 4 crore. Butwal based RSDC Laghubitta Bitiya Sansthan Limited will be floating IPO of 4 lakh units shares worth 4 crore to the general public. NIBL Capital Market has been assigned as the issue manager for the same. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below average fundamentals to the proposed initial public offering (IPO) of RSDC Laghubitta. It has authorized capital of Rs 20 crore, issued capital of Rs 10 crore and paid up capital of Rs 6 crore. After an IPO of Rs 4 crore, paid up capital of RSDC will reach Rs 10 crore. It has Rs 1.99 crore in reserve and surplus. RSDC Laghubitta had  a net profit of  Rs 1.05 crore in Q3 of the ongoing fiscal year. Its non-performing loan is at 0.07 percent. Damodar Joshi, CEO of RSDC Laghubitta said, “ The IPO will probably be issued by the month of Shrawan”