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. 