The FPO allotment process of Unnati Sahakarya Laghubitta Bittiya Sanstha Limited (USLB) was successfully concluded today at the offices of the issue manager, Siddhartha Capital Limited, in Kathmandu.
During the FPO issuance from 21st to 24th Kartik, 2080, Unnati Sahakarya Laghubitta Bittiya Sanstha Limited (USLB) had released 1,78,451.18 units of FPO shares at a par value of Rs 100 to the general public. As per the regulations outlined in the Banks and Financial Institutions Act (BAFIA), 2073, and guidelines from the NRB, a minimum of 30% of the issued capital must be retained by public shareholders. To meet this requirement, the company made available 1,78,451.18 units of FPO shares to the general public, altering the existing promoter: public share structure from 75.45:24.55 to a new ratio of 70:30. The company’s current paid-up capital is Rs. 22.9 Crores.
The FPO garnered significant interest, receiving applications from 10,72,443 valid applicants who collectively applied for 1,17,20,860 units. The oversubscription reached an impressive rate of more than 65.68 times. In the allotment process, 17,845 applicants were fortunate to receive 10 units each through a lottery system, while one lucky applicant received an extra unit. Unfortunately, the remaining 10,54,598 applicants did not receive any allotment. A total of 325 applicants, who had applied for 3,580 units, were disqualified.
For accessing the IPO result, interested parties can refer to CDSC IPO Result, MeroShare, and Siddhartha Capital Limited. However, it’s noteworthy that ICRA Nepal has downgraded the issuer rating of Unnati Sahakarya Laghubitta Bittiya Sanstha Limited from [ICRANP-IR] BB- to [ICRANP-IR] B+@, placing the rating on watch with negative implications. This rating implies a high risk of default concerning the timely servicing of financial obligations for issuers with this rating.