Allotment procedure of Joshi Hydropower’s IPO concludes; all valid applicants receive 10 units each, lucky 76,122 applicants receive 20 units each

Siddhartha Capital Limited has concluded the allotment process of Joshi Hydropower Development Company Limited.

The company had issued 1,690,470 units IPO at Rs 100 per share to the general public. The offering included 7,367 units for the employees of the company, 84,523 units for the mutual funds and remaining 1,590,580 units for the general public. The issue also included unsubscribed 242,010 units issued for the locals of project affected area.

As per the issue manager, a total of 83,770 applicants had applied for 5,917,520 units of shares out of which 34 applicants have been deemed invalid. Invalid applications were received for 10,630 units of shares. The issue had been oversubscribed by 3.70 times.

All the valid applicants have been allotted 10 units each while lucky 76,122 applicants have been allotted 10 units extra through lottery system.

After the adjustment of IPO, the paid-up capital of the hydropower company will reach Rs 37.14 crore with the shareholding ratio standing at 51:49 for promoters and ordinary shareholders respectively.

The company is at present operating 3,000 KW Upper Puwa-1 HEP, located in Puwa-Mahjuwa VDC of Ilam District in Eastern Nepal.