Bhagawati Hydropower Development Company IPO Allotment To Be Concluded on Monday; 71,222 Applicants Will Get 10 Units Each

The IPO allotment of Bhagawati Hydropower Development Company Limited will take place Monday, i.e. on 18th Bhadra, 2080. The allotment program will be held at the premises of the issue manager Siddhartha Capital Limited, Kathmandu.

Out of the total 858,097 units; 10% i.e. 85,810 units were issued and allotted to Nepalese citizens working abroad, 5% i.e. 42,905 units were set aside for the mutual funds while 2%, or 17,162 units were set aside for the employees of the company. The remaining 712,220 units were for the general public.

The shares were issued for Rs. 116 per share (Rs 100 face value + Rs 16 premium price).

According to data presented by CDSC, the issue has received approx 10,90,953 applications applied for a total of 12,124,200 units till the last day. Thus, the IPO was oversubscribed by 17.02 times in terms of the number of units through ordinary applicants as of the closing day.

Looking at the data, it is apparent that only 71,222 lucky applicants will get ownership of the company.

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.