Bhagawati Hydropower Development Company IPO Allotment Concludes: Lucky 71,220 Applicants Allotted 10 Units Each via Lottery System
Mon, Sep 4, 2023 9:33 AM on IPO/FPO News, Latest,
The IPO allotment of Bhagawati Hydropower Development Company Limited is concluded today at the premises of issue manager Siddhartha Capital Limited, Kathmandu.
Hydropower Company had issued 712,220 unit IPO shares for Rs. 116 per share (Rs 100 face value + Rs 16 premium price) to the general public from 5th to 8th Bhadra, 2080.
Out of the total 858,097 units; 10% i.e. 85,810 units have already been issued and allotted to Nepalese citizens working abroad, 5% i.e. 42,905 units have been set aside for the mutual funds while 2% or 17,162 units have been set aside for the employees of the company. The remaining 712,220 units are for the general public.
The issue had received applications from 13,06,677 valid applicants who had applied for a total of 1,42,40,550 units. The issue was oversubscribed by more than 20 times.
As per the allotment module, a total of 71,220 applicants were allotted 10 units each via lottery and the remaining 12,35,457 applicants were returned with empty hands.
A total of 42,905 units were allotted to the mutual funds and out of 17,162 units were allotted to the employees of the company.
In total 2,389 applicants who applied for 35,690 units were disqualified.
Allotment Module:
The IPO result can be accessed by CDSC IPO Result, MeroShare, and Siddhartha Capital Limited.
CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BBB- (Is)’ assigned to Bhagawati Hydropower Development Company Limited. Issuers with this rating are considered to offer a moderate degree of safety regarding timely servicing of financial obligations, in Nepal. Such issuers carry moderate credit risk.
Bhagawati Hydropower Development Company Limited is a public limited company, incorporated on December 18, 2000, as a private limited company and later converted to a public limited company on April 19, 2018. BHCL is involved in the operation of the 4.41 MW run-of-the-river Bijayapur 1 Small Hydroelectric Project in Kaski District which has been in commercial operation since August 21, 2012. The project is constructed under the BOOT (Build, Own, Operate, and Transfer) mechanism.
