NMB allots Vibor Bikas Bank’s primary issue

KATHMANDU: NMB Bank allotted the shares of Vibor Bikas Bank today.

It received applications for 1,90,74,596-unit shares from 1,03,164 applicants — including 51 staffers of the bank — for 26,52,000-unit primary shares.

“A total of 57,966 applicnts — including 51 staffers — were allotted 26,52,000-unit primary issue of the bank,” said NMB Bank — the issue manager of Vibor.

According to the Securities Board of Nepal (Sebon) regulation, the issue manager can allot Initial Public Offerings (IPOs) within 70 days of closure of the issue if applications cross the 3,00,001 mark. Sunrise Bank received 3,44,821 applications worth a little over Rs 10 billion for its 37,50,000-unit shares with a face value of Rs 100 per unit. The primary issue of Vibor Bikas Bank was floated from June 10-14.

The issue manager allotted the primary shares of the development bank on the 49th day, as according to the rule, the issue has to be allotted within 50 days if the issue manager receives 1,00,001 to 2,00,000 applications.

Earlier, Sunrise Bank had received a total of 3,44,526 applications — including 295 from its own staff — for 10,03,19,959-unit shares.

PDB’s primary issue opened on June 28 and closed today. Despite the Nepal Development Bank fiacso the primary issue of Public Development Bank received good response. The new regulation stipulates that if the primary issue of a company is oversubscribed, the IPO should be closed by the fourth day.

NIDC Capital Market is the issue and sales manager of PDB’s primary issue.

Mex in operation

KATHMANDU: Mercantile Exchange Nepal Ltd (Mex) is working on the Agri-Index containing a basket of five to seven daily goods. It is also preparing Market Index that includes interest rates, inflation and Consumer price Index (CPI) that would be useful for daily transactions. “Mex is also planning a warehouse that will help farmers sell their agro-produce at their convenience so that they get the proper price,” said Deependra Khatiwada, managing director of Mex that is working in line of the interests of growers, merchandisers, exporters, importers, industrialists, investors and end-users. The exchange that started its transactions from January 5, 2009 is planning to address various integral aspects of commodity economy like warehousing, cooperatives, private and public sector marketing of agricultural commodities, research and training. “However, we request the government to regulate the exchange,” He added. — HNS