Thursday, December 13, 2012

Mega Bank to float primary shares soon

Mega Bank Nepal will float primary shares to the public by the first half of April.
Mega Bank will issue 6,990,000 unit shares at a face value of Rs 100, totalling Rs 699 million — which is 30 per cent of the bank’s issued capital of Rs 2.33 billion.
“The Initial Public Offering (IPO) of the bank will happen this fiscal year and is currently scheduled for the end of the third quarter,” said chief executive of the bank Anil Keshary Shah, after signing an agreement with issue managers here today.
The bank has appointed Citizen Investment Trust, Nabil Investment, NMB Capital and NIBL Capital Markets as its issue managers for the primary issue.
“Since the bank is issuing public shares on a large scale, we chose to jointly appoint four issue managers,” he said, adding that the general public has waited long for the bank’s shares to be floated in the market.
“Now we are ready to start the process of floating our public shares.”
No matter what volume of applications we receive, no one will go empty handed from the Mega Initial Public Offering, Shah added. “Our best endeavour will be to make Mega Bank’s Initial Public Offering as inclusive as possible, as well as to streamline the process to make the Initial Public Offering easily accessible to all interested investors.”
Of the total 32 commercial banks in the country, Mega Bank will be the 29th commercial bank to be listed at the secondary market that is performing better these days due to expected change and break, through in the political deadlock.

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