Century Commercial Bank has allotted its ordinary shares to the public.
The bank distributed 9.2 million units of ordinary shares to 157,503 subscribers today. Small investors — who had applied for less than 500 unit shares — have been allotted 7.9 per cent of the applied shares. Likewise, large investors — who had applied for more than 500 units — have been allotted 3.09 per cent of the shares applied.
The bank distributed 3.3 million unit shares to 115,334 small investors. Another 4.97 million unit shares have been allotted to big investors.
However, due to excessive subscription, the bank resorted to a lottery system to allot shares to investors who had applied for up to 120 unit shares. The bank had already allocated 460,000 unit shares to mutual funds and another 460,000 units to its staff.
The 31st commercial bank in Nepal had offered shares worth Rs 920 million to the public from January 9 to 13 at a face value of Rs 100 per unit. The issue was managed by Citizen Investment Trust, Nabil Investment, Growmore Merchant, Civil Capital and NIDC Capital Market.
Since this was the last public offering by any commercial bank, as the banking regulator has stopped issuing licence to banks, the offering saw an overwhelming response from investors. The IPO was oversubscribed by 24.48 times, with investors applying for Rs 20.2 billion worth of shares.
“The bank will start issuing share certificates and refund the amount for the non-allotted amount starting March 9,” informed chief executive of Civil Capital — one of the issue managers — Bhisma Raj Chalise.
Century Commercial Bank’s IPO was the second largest IPO among banks and the largest among
private banks. In 2010, Agricultural Development Bank had offered shares worth Rs 960 million.
The credit rating agency — Icra Nepal — had assigned an ‘[ICRANP] IPO Grade 4+’ to the bank’s Initial Public Offering, indicating below-average fundamentals.
source: the himalayan times,4 march 2014
Click the link below to view IPO Allotment results:
Century Commercial Bank IPO Allotment
The bank distributed 9.2 million units of ordinary shares to 157,503 subscribers today. Small investors — who had applied for less than 500 unit shares — have been allotted 7.9 per cent of the applied shares. Likewise, large investors — who had applied for more than 500 units — have been allotted 3.09 per cent of the shares applied.
The bank distributed 3.3 million unit shares to 115,334 small investors. Another 4.97 million unit shares have been allotted to big investors.
However, due to excessive subscription, the bank resorted to a lottery system to allot shares to investors who had applied for up to 120 unit shares. The bank had already allocated 460,000 unit shares to mutual funds and another 460,000 units to its staff.
The 31st commercial bank in Nepal had offered shares worth Rs 920 million to the public from January 9 to 13 at a face value of Rs 100 per unit. The issue was managed by Citizen Investment Trust, Nabil Investment, Growmore Merchant, Civil Capital and NIDC Capital Market.
Since this was the last public offering by any commercial bank, as the banking regulator has stopped issuing licence to banks, the offering saw an overwhelming response from investors. The IPO was oversubscribed by 24.48 times, with investors applying for Rs 20.2 billion worth of shares.
“The bank will start issuing share certificates and refund the amount for the non-allotted amount starting March 9,” informed chief executive of Civil Capital — one of the issue managers — Bhisma Raj Chalise.
Century Commercial Bank’s IPO was the second largest IPO among banks and the largest among
private banks. In 2010, Agricultural Development Bank had offered shares worth Rs 960 million.
The credit rating agency — Icra Nepal — had assigned an ‘[ICRANP] IPO Grade 4+’ to the bank’s Initial Public Offering, indicating below-average fundamentals.
source: the himalayan times,4 march 2014
Click the link below to view IPO Allotment results:
Century Commercial Bank IPO Allotment
