Within 2 days of IPO opening Rairang Hydropower oversubscribed by 6 times; issue closing tomorrow

Wed, May 16, 2018 4:37 PM on IPO/FPO News, Latest, Stock Market,
Within 2 d...

Rairang Hydropower Development Company (RAIRANG) had issued 8,40,000 unit shares at par value of Rs 100 from Baisakh 31,2075 and within two days of opening, 64,088 applications have been received for 47,12,000 units shares. This shows the IPO is already oversubscribed by 6 times.

From the total of 8,40,000 shares, 33,600 units or 4% is separated for the employees of Rairang and 42,000 units or 5% is separated for the Mutual Funds. The remaining 91% is open for general public. The issued IPO is 15% of its total capital.

The applicants should apply for minimum 50 unit shares to maximum 4,200 units. The issue will open from Baisakh 31, 2075 till Jestha 03, 2075. In any contingency, the issue will open till Jestha 29, 2075 at the latest.

The interested applicants can apply via the banks or online through MeroShare.

NIBL Ace Capital has been appointed as the issue manager for the issue.

Rairang Hydropower Development Company Limited operates 500 KW Rairang Hydroelectric Project in Dhading district. It is developing 9.90MW Iwakhola Hydroelectric Project in the border of Taplejung and Panchthar districts. The company has projected commercial operation of the 9.90 MW project before 2074 Magh end. The authorized capital of the hydropower company is Rs 1 arba. Its paid up capital is currently Rs 42 crore. After IPO for locals and general public, its paid up capital will reach Rs 56 crore. Promoters will own 75% of the company, locals of project-affected area will own 10% and general public will own 15% after the IPO.