Civil Bank allots shares

Civil Bank has allotted its ordinary shares to the public.

The bank has distributed eight million units of ordinary shares to 57,588 subscribers based on Proportionate Securities Allotment System.

Small investors who had applied for less than 500 units received 27.09 per cent of the total amount applied for. Likewise, large investors who had applied for more than 500 units of shares were allotted 10.19 per cent of the total amount applied for based on the allotment system.

The Initial Public Offering (IPO) was oversubscribed by almost seven per cent as investors had applied for shares worth Rs 5.40 billion.

"Investors who have purchased shares during the IPO will benefit as share prices will definitely go up after the listing," pointed out CEO of the bank Kishore Maharjan. The bank earned Rs 22.7 million as net profit in the last fiscal year.

"We will list the bank at Nepal Stock Exchange (Nepse) as soon as possible," he added.

The 30th commercial bank had offered eight million units of ordinary shares at a face value of Rs 100 for the public from December 10 to 13. Citizens Investment Trust, Nabil Investment, NCM Merchant Banking and Ace Capital were the issue managers for the IPO.

Currently, more than 510 million unit shares of 27 commercial banks, with a total paid up value of over Rs 51.07 billion, are listed at Nepse that is dominated by banks and financial institutions.