The initial public offering (IPO) of Manakamana Smart Microfinance Institution has been opened for sale from today.
The IPO, which is open for sale from today, will be open till July 5, the company said.
Chief Executive Officer (CEO) Dev Singh Bista informed that the IPO worth Rs 38.9 million has been issued and sold.
According to him, Rs. Three lakh 89 thousand 492 ordinary shares at the face value of Rs. Out of this, 0.5 percent of the issued capital i.e. 19,450 shares have been allotted for collective investment and 6,058 shares for the employees of the company.
The remaining 363,492 lots have been opened for sale to the public, the company said.
Interested investors can apply for a minimum of 10 lots and a maximum of one thousand lots.
The issue and sale manager of the company is NMB Capital Limited. The Nepal Securities Board (NSB) had given approval to the company to issue the same amount of shares only on June 20.
The company will open the issue and sale of shares within 11 days of the board’s approval.
ICRA Nepal has given microfinance ‘ICRNP Issuer Rating Triple B Minus’ rating for the issue of shares.
This indicates that the institution is moderately safe in terms of medium credit risk as well as timely fulfillment of financial obligations.
The rating will be valid for one year from the date of issue.
The general public will be able to apply for IPO through the Nepal Securities Board (NSB) through CIASBA licensed banks and financial institutions and their branch offices and MyShare app (software).