IPO Allotment: Dordi Khola Hydropower Allotted Shares to Valid Applicants, 28.25% of Shares Were Unsubscribed

Dordi Khola Hydropower Company Limited (DORDI) has allotted IPO shares to the project affected local residents of Lamjung District. The allotment program concluded on Jestha 12, 2079

The company had issued 10,54,260 unit IPO shares which is 10% of the issued capital of Rs 105.42 crore to the project-affected locals of Lamjung District from 13th Baisakh and was supposed to close on 27th Baisakh, 2079. However, since the issue was not fully subscribed by the early closing date, the deadline was extended till Jestha 05, 2079. The interested locals could place their applications for a minimum of 10 units and a maximum of 10,00,000 units.

As per the issue manager Siddhartha Capital Limited, only 7,56,420 units or 71.75 % of the total issue have been allotted to the valid applicants. Thus, remaining 2,97,840 units will be soon issued to the general public along with 18,97,669 units which is 18% of the issued capital of the company. 

Dordi Khola Jal Bidyut Company Ltd is a public company incorporated on Falgun 14, 2066 (February 26, 2010) as per Companies Act 2063, Nepal with the objective to develop and invest in hydropower projects. It is currently developing a 12 MW Dordi-1 Hydroelectric Project in Lamjung District and owns its generation license. The project is located in Dordi Gaupalika-6, Lamjung. Its registered office is located at Kathmandu -11, Bluestar Complex, Tripureshor. Lamjung Electricity Development Company Limited (LEDCO) holds 84.95% ownership in the company. lCRA Nepal Ltd has assigned a double B minus issuer rating [ICRANP-IR] BB- to the company. Companies with this grading are considered to have a moderate risk of default regarding timely servicing of financial obligations.

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