Nagbeli Laghubitta Bikas Bank allotment only next week

Allotment of the Initial Public Offering (IPO) of 42,900 unit equity shares floated by Nagbeli Laghubitta Bikas Bank Limted, in December will take place only next week, most probably on January 12, according to the issue manager NMB Capital Limited.

With this, the investors, who were hoping to get the refund from Nagbeli to apply for the IPO of Century Commercial Bank Limited to be opened on January 9, will have to make alternative arrangement to apply for the IPO.

The Nagbeli IPO floated on December was oversubscribed   by more than 200 times – which is a record.

There were more than 19,000 applicants, including both institutional and small investors, according to the issue manager.

Long serpentine queues could be seen throughout the office hours till the eleventh hour on the closing day in front of the centers where the IPO application forms were to be submitted.

Altogether 858 units had been set aside for the bank’s staff and 2,145 units to the mutual funds and the rest to the general public.

The applicants could apply for at least 50 units and up to 5,000 units.

The microfinance development bank based in Birtamod of Jhapa district has paid-up capital of Rs 1 crore 10 thousand, and its paid-up capital will rise to Rs 1.43 crore after the issuance of the IPO.

The bank’s promoters have 70 percent holding in the company as of now. As the end of the last fiscal year 2069/70, its EPS (annualized) stood at Rs 34.54, and its net worth per share at Rs 144.84. -SSN