Kumari Bank has announced an IPO for Rs 150 million of 1.5 million shares 18 December-16 January. Should there be over-subscription, the issue will close on 24 December. Application collection centres have been established in all major Nepali towns and cities. The operating profit of the bank at the close of fiscal year 2002-3 was Rs 52 million. Based on the performance of the last four months, Kumari Bank is expected to record an operating profit of nearly Rs 100 million this year.