Laxmi Bank has had to exercise an early closure option after its maiden IPO of Rs 192.5 million was over-subscribed by 2.5 times. The largest public issue in Nepali corporate history, the successful IPO came despite a slump in the economy, and a bearish stock market in which the NEPSE index touching record lows. Despite this, investor confidence has encouraged Laxmi Bank that its fundamentals are sound. Laxmi Bank's paid up equity post allotment of public shares will be Rs 550 million, the largest among all private sector Nepali banks. The Birganj-based bank started operations 15 months ago and has branches in Jeetpur and Banepa and a Kathmandu branch will open soon. Laxmi posted an operating profit of Rs 7 million during its first year of operation, with deposits of Rs 860 million. With technical and management support with Sri Lanka's Hatton National Bank, Laxmi also has internet banking facilities.