Commerz and Trust Bank Nepal IPO oversubscribed by over 11 times

Commerz and Trust Bank Nepal's Initial Public Offering (IPO) has been oversubscribed by over 11 times the size of the offering.

"The IPO received overwhelming support as some 72,000 applicants asked for shares worth Rs 6.82 billion," said chief executive of the bank Anal Raj Bhattarai.

"The market has shown tremendous confidence in the bank," he added.

The bank had opened its public offering for ordinary shares worth Rs 600 million at a face value of Rs 100 per unit on February 17. An investor was allowed to apply for a minimum of 50 unit shares and to a maximum of 1,500,000 units. The shares will be alloted proportionately based on the total amount of applications received within 40 days of the IPO's closing.

It will be the 29th commercial bank to be listed at Nepal Stock Exchange. Commerz and Trust Bank Nepal had appointed Citizens Investment Trust, Nabil Investment, Growmore Merchant Banker and Civil Capital as issue managers for the primary shares.