Swadeshi Laghubitta IPO collects Rs 64.41 crore from 18,212 applicants till second day; oversubscribed by more than 23 times

Swadeshi Laghubitta Bittiya Sanstha Limited has been floating its Initial Public Offering (IPO) of 3,00,000 unit shares worth Rs 3 crore from Chaitra 25, 2073. Today is the third day of the IPO. As per an official of NMB Capital Limited, the issue manager for the IPO, the issue has collected around Rs 64.41 crore (Oversubscribed by 23.59 times) till second day from both regular and ASBA applications. Around 18,212 application forms were received. “The IPO has collected Rs 28.97 crore from regular applications and Rs 15.40 crore from ASBA collections on the second day. 3,113 applicants submitted the application via ASBA forms and 9,277 applicants submitted via regular application forms. The data is preliminary as collection from 16 ASBA centers are pending”, added the official. The offer will close tomorrow (Chaitra 29, 2073). Interested investors must apply for a minimum of 50 units of share and they can apply for up to 1,500 units of share. The microfinance company has set aside 12,000 unit shares for its employees and 15,000 unit shares for the existing ten mutual fund companies. The mutual fund schemes are Nabil Balanced Fund-1, Nabil Equity Fund, NMB Sulav Investment Fund – 1, NMB Hybrid Fund L-1, NIBL Sambriddhi Fund – 1, NIBL Pragati Fund , Laxmi Value Fund -1, Siddhartha Equity Oriented Scheme, Siddhartha Investment Growth Scheme- 1 and Global IME Sammunat Scheme. The company has set aside a total of 2, 73,000 unit share to the general public. Interested applicants can collect application forms and submit the forms at NMB Capital Limited, Naxal, and designated branches of NMB Bank, ICFC Finance, Ace Capital and Laxmi Capital Market. The microfinance company plans to raise Rs 3 crore through the offer. After the IPO, the paid up will reach Rs 10 crore from the current Rs 7 crore. Its authorized capital stands at Rs 20 crore. After the IPO, the promoter-public ratio of the company will be 70 % to 30%. Itahari-based Swadeshi Laghubitta had initiated microfinance operations from December 24, 2014. It had earned a net profit of Rs 1.35 crore till the end of second quarter of the FY 2073/74.