NMB Bank allots Sunrise Bank share

NMB Bank Ltd allotted the shares of Sunrise Bank Ltd today.
Sunrise Bank had received a total of 3,44,526 applications -- including 295 by staff of the bank -- for 10,03,19,959-unit shares. Of the total applications, 4,657 applications were rejected as the applicants had not filled the forms completely. "Applicants, who have not filled in their grandfather's names, account number -- and anything other factor that is mandatory or missed the signature ares -- are disqualified," said the issue manager.
According to the IPOs Regulation, an applicant must fill the bank account number as the money would be returned through banks by account payee cheque. A total of 89,149 public applicants including 295 Sunrise Bank staff got the shares that were floated from May 3-6.
Though some investors blamed the issue manager for mishandling the primary issue, NMB Bank allotted the primary shares on the 64th day -- six days ahead of stipulated allotment time. According to the Securities Board of Nepal (Sebon) regulation, the issue manager can allot Initial Public Offerings (IPOs) within 70 days of the closure of the issue, if applications cross the 3,00,001 mark. Sunrise Bank received 3,44,821 applications worth a little over Rs 10 billion for its 37,50,000-unit shares with a face value of Rs 100 per unit.Aplicants, who asked for 50-unit shares got 10-unit shares while those who asked for 17,010 to 20,000-unit shares were allotted 700-unit shares of the bank.