Kishore Maharjan, chief executive officer of the bank, said investors had subscribed for shares whose overall worth is over Rs 6 billion. They bought the shares through 250 collection counters across the country. To meet the demand, the bank had distributed 1.2 million forms.The share applications were offered from Sunday.
The bank is issuing 3.75 million units of ordinary shares with par value of Rs 100 per unit, and with the issuance, the total paid up capital of the bank will reach Rs 1.25 billion. The bank has also allocated 187,500 units of shares for its employees.
The recently amended Securities Issuance and Registration Regulations, which had decreased the number of days in which people could make applications-- from seven to four days-- made the already crowded application locations even more congested. To deal with the added influx, Sunrise bank, which earned a profit of Rs 46.7 million during the first six months of the current fiscal year, had set up an online portal through which people could apply for shares.
In a similar IPO, Citizens Bank International and Bank of Asia Nepal had each recently issued 3 million ordinary shares, for which applications worth Rs 5 billion and Rs 6 billion were registered, respectively.
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