November 2, 2023 | Investopaper
FPO Allotment Of Mirmire Laghubitta Bittiya Sanstha Limited
Nepal SBI Merchant Banking Limited, the issue manager for the Follow-on Public Offering (FPO) of Mirmire Laghubitta Bittiya Sanstha Limited, has concluded the FPO allotment process on Thursday.
After the allotment, 12,381 applicants have received 10 shares each. Six applicants received additional share each.
A total of 13,20,203 valid applicants had subscribed for the shares. With the allotment, more than 13.07 lakh applicants were left empty-handed.
To view the FPO result of Mirmire Laghubitta Bittiya Sanstha Limited, click the link below:
FPO To General Public
Mirmire Laghubitta Bittiya Sanstha Limited had sold 1,23,816 shares in FPO at Rs 100 per share. Hence, the total public issue amounts to Rs 1.23 crores.
The FPO was open from Ashwin 25, 2080 BS. Due to over-subscription of shares, the public offering was closed on Ashwin 30, 2080 BS.
Interested investors could apply for a minimum of 10 shares and a maximum of 1,000 shares.
For this purpose, Securities Board of Nepal (SEBON) had given the permission to the company on Ashwin 4, 2080 BS. The company had summitted the application to the board on Karthik 23, 2078 BS. Only after the approval from the regulatory body SEBON, the company can float the FPO to the general public.
ICRA Nepal has provided [ICRANP-IR] BB (pronounced ICRA NP issuer rating double B) ratings to the company. This indicates moderate risk of default regarding the timely servicing of financial obligations.
Nepal SBI Merchant Banking Limited is the issue manager for the public offering. Roshni Bharti, Managing Director and Chief Executive Officer of Nepal SBI Merchant Banking Limited and Rajendra Prasad Neupane, Chief Executive Officer of Mirmire Microfinance Institution Ltd. had signed the agreement for the issue of shares through FPO.
Previously, Mirmire Laghubitta had signed an agreement on Ashad 24, 2077 BS with Nepal SBI Merchant Banking Limited to issue 37,260 shares in the FPO. However, as per the new agreement signed on Jestha 23, 2078 BS, the number of shares to be sold has increased.
What Is FPO?
FPO (Follow-On Public Offering) is the process of issuing shares to the public by the company already listed on the stock exchange. If the company issues shares to the public for the first time, it is IPO (Initial Public Offering). FPO is any additional issue of shares by the company after IPO.
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