IPO Of Public Development Bank Was Oversubscribed

According to NIDC capital Market, initial public offering of Public development bank has oversubscribed by around 20 times."IPO of Public development has collected 66 crore (660 million) for the first three days and it is expected to collect 50 crore (500 million) along in the closing day" said, Bijay Lal Shrestha, Chief Merchant Banking of NIDC capital market. NIDC is the issue manager of Public Development bank.Public development bank has issued 600000 units of share to public at Rs. 100 from 28 June, 2009 to 1 July, 2009 (14-17 Ashad 2066). It has separated 18000 units of shares to its employees out of the total issue. IPO has been closed today after the banking hours due to oversubscription.The company has earned Rs. 1118000 as a net profit during the fiscal year 2064/65 where as it was Rs. 7221000 for the first nine month of current fiscal year (2065 chaitra end).