Cosmos IPO closing today; has already drawn more than Rs 3 crore in three days

The Initial Public Offering (IPO) of Cosmos Development Bank Limited, which has floated 1.75 lakh unit equity shares of face value Rs 100, coinciding with the Nagbeli’s IPO, is closing today.

The Cosmos IPO had drawn more than Rs 3 crore in the first three days of the issuance, according to the issue manager, Civil Capital Market Limited.

The IPO is likely draw something around Rs 6 crore, i.e. it is likely to be oversubscribed by around four times by the time it closes today.
Altogether 3,500 units have been set aside for the bank’s staff and the rest to the general public.

The applicants must apply for at least 50 units and up to 10,000 units.

According to the unaudited fourth quarterly report of the development bank based in Gorkha, it had registered a net profit of Rs 2.39 in the first quarter of the current fiscal year compared to 152,640 in the corresponding quarter.

Its paid-up capital stands at Rs 2.62 crore and it has a negative reserve of Rs 46.86 lakh as its total loan loss provision to total NPL is as high as 158.93 percent.

Nonetheless, its NPL stands at 0.74 percent. After the issuance of the IPO, the development bank’s paid-up capital will rise to Rs 4.37 crore.-sharesansar