Swadeshi Laghubitta IPO oversubscribed by more than 55 times till third day; collects Rs 1.51 arba from 41,000 applicants

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 and today (Chaitra 29, 2073) is the last day to apply for the same. As per an official of NMB Capital Limited, the issue manager for the IPO, the issue has collected around Rs 1.51 arba (Oversubscribed by 55.31 times) till third day from both regular and ASBA applications. Around 41,000 application forms were received. “The IPO has collected Rs 79 crore from regular applications and Rs 60 crore from ASBA collections on the third day. 7,326 applicants submitted the application via ASBA forms and 22,000 applicants submitted via regular application forms. The data is preliminary as collection from ASBA centers are pending”, added the official. 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 -1. 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. Applicants can also apply from all branches of ASBA-approved banks and financial institutions. Itahari-based Swadeshi Laghubitta had initiated microfinance operations from December 24, 2014. It has earned a net profit of Rs 1.35 crore till the end of second quarter of the FY 2073/74 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%.