Target for Mega IPO allotment by Asar 30; refund by first week of Shrawan

July 9, 2013

Mega Bank is likely to allot shares to those who had applied for its IPO by Asar 30. 

“We are now working closely with our issue managers to ensure that we get the public shares allocated in this fiscal year itself,” Mega Bank CEO Anil Shah has said in an email sent to select investors. 

The bank would return the excess amount of the investors by the first week of Shrawan. Mega’s IPO was oversubscribed by a whopping 22 times.

Mega Bank received a total of 1,58,271 applications and collected Rs 14.2 arba from its initial public offering, setting a record in Nepal’s IPO history.

A source informed that small investors are likely to get 6 percent and large investors 3.60 percent of the total allotment. Those who buy up to 500  shares fall in the category of small investors, whereas those who have invested in more than 510 shares are categorized as big investors.

Source: Online news