The IPO of Samaj Microfinance Financial Institution will be distributed by Monday. According to sales manager Siddhartha Capital, the earliest Sunday will be Monday if not possible. Capital says final approval from the Securities and Exchange Board is yet to come. A total of Rs 1.19 billion has been applied for the IPO of the society. Of which, 563,998 people have applied for 119,62,700 lots.
This is 148.23 times more applications based on the 80,700 lots opened for sale to the public. Therefore, as there are more applications than demand in the IPO of the society, it will be difficult to get shares. Shares will be distributed through round robin. The society has brought 86,000 IPOs worth Rs 8.6 million for sale from August 19.
Out of this, 1000 lots i.e. 55 percent of the issued capital was allotted for the employees and 55 lots i.e. 4,300 lots of the total issue was allotted for the collective investment fund. The general public could apply for the remaining 80,700 lots. The central office of Samaj Microfinance, which has been in operation since March 10, 2009, is in Siraha.
About Application Status
The IPO of the samaj Laghubitta had been oversubscribed by 148 times therefore only the lucky candidate will be allocated by 10 units shares. Microfinance has issued 86,000 ordinary shares with a face value of Rs 100 per share. Out of this, microfinance has allotted 1,000 units shares i.e. 5 percent of the issued capital for the employees and 5 percent of the total disposal i.e. 4,300 units of shares for the collective investment fund. The general public had sold the remaining 80,700 Units shares so only 8070 lucky applicant will get 10 units shares each and rest of others will have the empty hand.