Nepal Bank all set to allot the FPO shares today ; Nearly half the issue to be bought by underwriters
The allocation of Further Public Offering (FPO) of Nepal Bank Limited is set to be done today. The allocation will be made in the premises of Siddhartha Capital. The ideal time for the allocation is yet to be revealed however it is probably going to be made amid the evening.
Till its last day, the FPO issue gathered 2.32 arba from 23,625 candidates, out of which application for Rs 1 arba has been put by Employee Provident Fund.
Nepal Bank Limited (NBL) had issued Further Public Offering (FPO) to the general public from Ashadh 15. The bank had been issuing 1, 76, 84,858 unit shares at a cost of Rs 280 for every unit (premium included Rs 180).
Siddhartha Capital is managing the issue.
Seeing the preliminary data, almost half the amount of issue has been unsold. Thus, those unsold shares are to be bought by the underwriters. The amount of shares to be underwritten by the merchant banks are even higher than their paid-up capital. How these companies will buy the shares, is what everyone is thinking currently.