As per Badri Pyakurel, CEO of RBB Merchant issue manager of the company, the company decided to allot the IPO tomorrow 7:30 AM as the government extend the period of lockdown till April 15.
According to the issue manager, the issue has been oversubscribed by 3.68 times. A total of 409,722 applicants have applied for 57,547,350 units of shares worth Rs 5.75 billion.
The company issued 16 million units of primary shares worth Rs 1.6 billion from March 17.
The company issued 16 percent in primary shares of its total capital of Rs 10 billion. Out of the total offered shares, the company allotted 73,500 units of shares to employees and 800,000 units to mutual funds. The general public could apply for the remaining 15,126,500 units of shares.
ICRA Nepal has assigned Grade 2 rating to the IPO indicating above average fundamentals.
The company has authorized capital of Rs 12 billion, issued capital of Rs 10 billion and paid-up capital of Rs 8.40 billion. After the IPO issuance, the paid-up capital will reach Rs 10 billion.
