KATHMANDU, Dec 31: Salapa Bikas Bank has opened its initial public offering (IPO) for the general public from Wednesday, after completing share allocation for Nepalis employed abroad in the first phase.
The bank has issued 1,439,179 shares worth Rs 143.9 million for the general public. Earlier, it had received approval to issue shares equivalent to 33 percent of its paid-up capital, amounting to Rs 172.388 million, and has now opened the remaining portion after the first-phase allotment.
Salapa Bikas Bank to issue IPO worth Rs 143.9 million from Dec...
The bank’s current paid-up capital stands at Rs 522.3 million. General investors can apply for the shares at a face value of Rs 100 per share, with applications open until Poush 20, for a minimum of 10 shares and a maximum of 25,000 shares.
As of the end of the last fiscal year (mid-July), the bank’s earnings per share (EPS) stood at Rs 2.24, while its net worth per share was Rs 105.14. The bank has a reserve fund of Rs 27 million.
For the IPO, Infomerics Credit Rating Nepal has assigned the bank an IRN Single B issuer rating, indicating a high level of risk in meeting financial obligations on time.
Muktinath Capital has been appointed as the issue and sales manager for the IPO.
