Asian Hydropower IPO Collects Rs. 1.66 Arba From 14.92 Lakh Applicants Till Last Day; IPO Oversubscribed by More Than 23.84 Times

Asian Hydropower Limited issued 697,200 units of shares worth Rs. 6.97 crores to the general public as a part of their Initial Public Offering (IPO) from 27th Magh till 3rd Falgun, 2079.

Out of the total 840,000 units; 10% i.e. 84,000 units have already been issued and allotted to Nepalese citizens working abroad, whereas 2% i.e 16,800 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 42,000 units have been set aside for the mutual funds. The remaining 6,97,200 units are for the general public. The paid-up capital of the company will reach Rs. 34 Crores after the IPO issuance. The company intends to collect Rs 6.97 crore from this IPO.

According to CDSC, 14,92,778 applicants have applied for a total of 16,626,520 units worth Rs. 1.66 Arba till the last day. Thus, the IPO was oversubscribed by more than 23.84 times in terms of the number of units through ordinary applicants as of closing day.

NMB Capital Limited was appointed as the issue manager for the IPO issuance. Applications could be placed for a minimum of 10 units and a maximum of 20,000 units.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BB (Is)’ assigned to Asian Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.