IPO Allotment of Green Ventures Limited Concludes: 2,87,500 Applicants Celebrate; 18,19,016 Return Empty-Handed

The IPO allotment of Green Ventures Limited is concluded today at the premises of Laxmi Capital Market Limited, Baneshwor, Kathmandu.

Green Ventures Limited had issued 31,25,000 units worth Rs 31.25 crore as Initial Public Offering to the general public from (Chaitra 08-11, 2078). 

31,25,000 shares were issued at a par value of Rs. 100 per unit. 3% of the total issue, i.e. 93,750 units were allocated for employees while 5%, i.e. 1,56,250 units for mutual funds. The rest 28,75,000 shares are for the individual public.

Laxmi Capital Market Limited is the issue manager for this IPO issue.

The issue had received applications from 21,06,516 valid applicants who had applied for a total of 2,42,77,000 units. The issue was oversubscribed more than 8.44 times. 

As per the allotment module, a total of 2,87,500 applicants were allotted 10 units each via lottery, and the remaining 18,19,016 applicants were returned empty hands. 

A total of 93,750 units were allotted to the staff of the company and 1,56,250 units were allotted to mutual funds.

In total 5,133 applicants who applied for 74,880 units were disqualified.

Allotment Module

The IPO result can be accessed by CDSC IPO Result, Laxmi Capital Market Limited, and MeroShare.

Green Ventures Ltd (GVL) is a public company, incorporated on December 7, 2004, as a private limited company, later on, February 25, 2019, it was converted to a public limited company. The company has developed a 52.4 MW run-of-river, Likhu-4 Hydropower Project (L4HP) in Okhaldhunga and the Ramechhap district of Nepal. As per the Generation License, from the Government of Nepal – Ministry of Energy, obtained on March 11, 2012, the project shall be handed, on whatever conditions the project is, to the Government of Nepal after the expiry of the Generation License, which is 35 years. As of May 31, 2020, a major shareholder of the company are Mr. Govinda Lal Sanghai (~11%), Mr. Birendra Kumar Sanghai (~10%), Mr. Nitesh Agrawal (~10%) Mr. Ramchandra Sanghai (~8%), and Mr. Aditya Sanghai (~7%).

CARE Ratings Nepal Limited (CRNL) has rated [CARE-NP BB(Is) [Double B (Issuer Rating)] indicating a moderate risk of default regarding timely servicing of financial obligations.