How Many Have Applied for Public Issue of "Modi Energy Limited" So Far?

CDS & Clearing Limited (CDSC) has reported the data of public IPO collection of Modi Energy Limited as of 5 pm today i.e. Baisakh 20.

The company has been issuing 55,59,420 unit shares of Rs 100 face value as Initial Public Offering to the general public from 19th Baisakh, 2080. The company intends to collect Rs 55.59 crore from this IPO. The early closing date of this issue is on 24th Baisakh and if the issue is not fully subscribed, it can be extended up to 2nd Jestha, 2080.

Out of the total 64,45,610 units; 435,000 units have already been issued and allotted to Nepalese citizens working abroad, 5% of the total offered shares i.e. 322,280 units have been set aside for the mutual funds, and 2% or 128,910 units have been set aside for employees of the company. The remaining 55,59,420 units are for the general public.

Sunrise Capital Limited is appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 100,000 units.

According to CDSC, 528,246 applicants have applied for a total of 59,82,270 units. Thus, the issue is already oversubscribed by 1.07 times so far.

CARE Ratings Nepal Limited (CRNL) has revised the Issuer Rating of Modi Energy Limited to “CARE-NP D (Is)” from “CARENP BB+ (Is)”. Issuers with this rating are considered to be in default or are expected to be in default soon.