NMB Bank collects 1.93 arba from 55k applicants ; institutional investors urges to remove the upper cap

The ongoing FPO of NMB Bank has collected Rs 1.93 arba from above 55,000 applicants, as of 11:15 am today. This around 50% of the total issue. The FPO is yet to collect an equal amount to be fully subscribed, as per the official of CIT. 

NMB Bank is floating 1,14,15,163 unit shares at Rs 333. The issue can possibly extend till 28th Ashad, 2075 in case of undersubscription. One can apply for minimum of 10 units and maxmimum of 57,070 units.   

Institutional investors like Employee Provident Fund along with some insurance companies have urged to remove the upper cap of the issue. Those institutions are expected to subscribe the shares in huge quantity in case the rule favors them.

Citizen Investment Trust is the issue manager for the public issue. ICRA  Nepal has assigned Grade 3 rating for the issue. 

The bank will collect a premium of 2.65 arba from this FPO hiking its reserve to 8.29 arba. The paid-up capital will reach to 7.60 arba  after this issue.