IPO Allotment of Sonapur Minerals and Oil Limited Concludes: 10,40,770 Applicants Allotted 10 Units Each; Only 8,638 Applicants Return Empty-Handed
Wed, Oct 11, 2023 9:35 AM on IPO/FPO News, Latest,
The IPO allotment of Sonapur Minerals and Oil Limited is concluded today at the premises of the issue manager NIMB Ace Capital Limited, Kathmandu.
Sonapur Minerals and Oil Limited had issued 97,32,544 unit IPO shares at par value of Rs 100 to the general public from Asoj 14 to Ashwin 18, 2080.
Earlier, the company had issued 15,37,525 unit shares to the project-affected locals of Dang and Rolpa District out of which only 1,34,520 units were allotted to valid applicants. Thus, the remaining 14,03,005 units of unsubscribed shares of project-affected locals are added to 1,07,62,675 units (35% of the issued capital which is reserved for the general public) to make a total of 12,165,680 units for the general public.
Out of the total 12,165,680 units; 10% i.e. 1,216,568 units have already been issued and allotted to Nepalese citizens working abroad, 608,284 units have been set aside for the mutual funds while 608,284 units have been set aside for the employees of the company. However, only 19,500 units were subscribed by employees and the remaining 588,784 units of unsubscribed shares of employees added to the general public. Thus 1,03,21,328 units are for the general public.
The shares was issued for Rs. 225 per share (Rs 100 face value + Rs 125 premium price) for employees of the company and for the general public at a price of Rs. 237.58 (Rs. 100 face value + Rs. 137.58 premium price).
The issue had received applications from 10,40,770 valid applicants who had applied for a total of 1,19,75,520 units. The issue was oversubscribed by more than 1.47 times.
As per the allotment module, a total of 10,32,132 applicants were allotted 10 units each via lottery, and lucky 8 applicants got 1 unit extra and the remaining 8,638 applicants were returned with empty hands.
A total of 608,284 units were allotted to the mutual funds and 19,500 units were allotted to the employees of the company.
In total 5,689 applicants who applied for 94,370 units were disqualified.
Allotment Module:
The IPO result can be accessed by CDSC IPO Result, MeroShare, and NIMB Ace Capital Limited.
Infomerics Credit Rating Nepal Limited (Infomerics Nepal) has assigned a long-term rating of IRN BBB-(Triple B Minus) to the long-term bank facilities and a short-term rating of IRN A3 (A Three) to the short-term bank facilities.
Sonapur Minerals and Oil Private Limited, incorporated in June 2008, was later converted to Sonapur Minerals and Oil Limited on July 22, 2022. The company is presently engaged in manufacturing and selling OPC under the brand name “Sona Cement” and PPC under the brand name “Sona Shree Cement”. The business operation of the company is managed by its Managing Director, Mr. Nipesh Tayal.
