Suryodaya Laghubitta IPO crosses Rs 95.30 crore from more than 15,000 applicants till second day; oversubscribed by 87.43 times

Suryodaya Laghubitta Bittiya Sanstha Limited has been floating its Initial Public Offering (IPO) of 1, 20,000 unit shares worth Rs 1.20 crore from Bhadra 12, 2073. Today is the third day of the IPO. The IPO has been oversubscribed by 87.43 times till second day (yesterday). As per the official of Global IME Capital Limited,” The total collection of the IPO is approximately Rs 95 crore 30 lakh till second day. Around 15,951 application forms were received.” The offer will close tomorrow (Bhadra 15, 2073) at the earliest. The maximum closing date for the offer is Bhadra 26, 2073. Global IME Capital Limited has been appointed as the issue manager for the IPO. Interested investors must apply for a minimum of 50 units of share and they can apply for up to 1,000 units of share. The microfinance company has set aside 4,800 unit shares for its employees and 6,000 unit shares for the existing seven mutual fund companies. The mutual fund schemes are Nabil balance fund-1, NMB Sulav Investment Fund – 1, NIBL Sambriddhi Fund – 1, Laxmi Value Fund -1, Siddhartha Equity Oriented Scheme, Siddhartha Investment Growth Scheme- 1 and Global IME Sammunati Fund. The company has set aside 1, 09,200 unit share to the general public. The microfinance company plans to raise Rs 1.20 crore through the offer. After the IPO, the paid up will reach Rs 4 crore from the current Rs 2.80 crore. It’s authorized capital stand at Rs 8 crore. After the IPO, the promoter-public ratio of the company will be 70 % to 30%. The head office of the company is located in Putali Bazar of Syangja whereas its working areas are Baglung, Myagdi, Parbat, Syangja, Manang, Lamjung, Mustang, Gulmi, Pyuthan and Rolpa. Suryodaya Laghubitta has earned net profit of Rs 1.14 crore in the third quarter of the current fiscal year 2072/73. The microfinance company has paid up capital of Rs 2.8 crore.