Kathmandu, Jan 13
Century Commercial Bank's IPO has been oversubscribed by around 18 to 20 times approximately according to latest applications assumes the issue manager.
With this the 92 Crore IPO will get around 16 to 18 Arab of subscribers.Till Sunday the application was around 6.5 Arab according to issue managers.
The IPO, which was issued from January 9, closed today.
Century Bank’s IPO was oversubscribed on the first day itself by drawing more than Rs 1 arba and 32 crore on Thursday, and it collected additional Rs 1 arba 64 crores by the second day, on Friday.
Century’s IPO was one of the most expected events in the stock market not just because of its sheer volume but also because it is the last IPO to be issued by any commercial bank of the country.
Nepal Rastra Bank has stopped issuing license to the commercial bank, and, on the contrary, has been directing the commercial banks and other BFIs to seek merger.
The offering was also special in that it was the largest IPO to be issued by any private bank in the country, second only to primary shares worth Rs 96 crore floated by Agriculture Development Bank Limited.
ICRA Nepal had assigned an ‘[ICRANP] IPO Grade 4+’ to Century Bank’s IPO, which is not at all bad by any standards.
Following the IPO, the commercial bank’s paid-up capital of Rs 1.08 billion will rise to Rs two billion, as per the regulatory requirement.
It may be noted that there was a huge response to the IPOs issued by three commercial banks.
Civil Bank’s IPO was oversubscribed by seven times, Commerz and Trust’s IPO was oversubscribed by 11 times and Mega Bank’s IPO was oversubscribed by 22 times.
Century Commercial Bank's IPO has been oversubscribed by around 18 to 20 times approximately according to latest applications assumes the issue manager.
With this the 92 Crore IPO will get around 16 to 18 Arab of subscribers.Till Sunday the application was around 6.5 Arab according to issue managers.
The IPO, which was issued from January 9, closed today.
Century Bank’s IPO was oversubscribed on the first day itself by drawing more than Rs 1 arba and 32 crore on Thursday, and it collected additional Rs 1 arba 64 crores by the second day, on Friday.
Century’s IPO was one of the most expected events in the stock market not just because of its sheer volume but also because it is the last IPO to be issued by any commercial bank of the country.
Nepal Rastra Bank has stopped issuing license to the commercial bank, and, on the contrary, has been directing the commercial banks and other BFIs to seek merger.
The offering was also special in that it was the largest IPO to be issued by any private bank in the country, second only to primary shares worth Rs 96 crore floated by Agriculture Development Bank Limited.
ICRA Nepal had assigned an ‘[ICRANP] IPO Grade 4+’ to Century Bank’s IPO, which is not at all bad by any standards.
Following the IPO, the commercial bank’s paid-up capital of Rs 1.08 billion will rise to Rs two billion, as per the regulatory requirement.
It may be noted that there was a huge response to the IPOs issued by three commercial banks.
Civil Bank’s IPO was oversubscribed by seven times, Commerz and Trust’s IPO was oversubscribed by 11 times and Mega Bank’s IPO was oversubscribed by 22 times.
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