Century Commercial Bank launched initial public offering (IPO) worth Rs 920 million on Thursday. The bank has issued 9,200,000 primary shares priced at Rs 100 apiece.

The bank has estimated to have received applications for the primary shares worth Rs 500 million on the first day. “Based on the first day’s estimated demand, there could be an over-subscription of 5-10 times,” said Century CEO Ganesh Kumar Shrestha.

Century said it has allocated 460,000 shares for the bank’s staff, while another 460,000 units have been separated for institutional investors. Century is the latest private commercial bank to do IPO. Except for state-owned Rastriya Banijya Bank, all commercial banks in Nepal have gone public.

Century has appointed Citizen Investment Trust, Growmore Merchant Banker, NIDC Capital Markets, Nabil Capital and Civil Capital as sales and issue managers. It has been collecting applications from 44 outlets. These include the bank’s 31 branch offices, 11 merchant banks and two finance companies, including Guheswori Merchant Banking and Finance and Sagarmatha Merchant Banking and Finance. Established two years ago, Century has 568 promoter shareholders from 43 districts.