IPO Allotment of Supermai Hydropower Limited Concludes; 1 in Every 32 Applicants to Be Allotted with 10 Units

The IPO allotment of Supermai Hydropower Limited is concluded today at the premises of Sanima Capital Limited, Kathmandu.

Supermai Hydropower Limited had issued 4,15,000 units worth Rs 4.15 crore as Initial Public Offering (IPO) to the general public (Magh 23-26, 2079). 

Out of the total 500,000 units; 10% i.e. 50,000 units have already been issued and allotted to Nepalese citizens working abroad, whereas 2% i.e 10,000 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 25,000 units have been set aside for the mutual funds. The remaining 4,15,000 units are for the general public.

The paid-up capital of the company will reach Rs. 50 Crores after the IPO issuance.

The issue had received applications from 13,18,320 valid applicants who had applied for a total of 1,42,72,970 units. The issue was oversubscribed by more than 34.4 times. 

As per the allotment module, a total of 41,500 applicants were allotted 10 units each via lottery and the remaining 12,76,820 applicants were returned with empty hands. 

A total of 10,000 units were allotted to the employees and 25,000 units were allotted to the mutual funds.

In total 4,172 applicants who applied for 54,950 units were disqualified due to duplicate applications from Local Shareholders, Foreign Employee Shareholders, Promoter Shareholders, and C-ASBA.

Allotment Module:

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

Earlier, the company had issued 500,000 unit shares worth Rs. 5 crores to the project-affected locals and 50,000 units shares to Nepalese citizens working abroad. Overall, 80% of shares are of the promoter shareholders in the company.

ICRA Nepal has upgraded the issuer rating of Super Mai Hydropower Limited to [ICRANP-IR] BBB- (pronounced ICRA NP issuer rating triple B minus) from [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus). Issuers with this rating are considered to have a moderate degree of safety regarding the timely servicing of financial obligations.

Super-Mai hydropower project Ltd. was established in the year 2071, backed up by leading persons in hydropower developers, finance, and industrial sector with the sole purpose of generating energy in a safe, cost-effective, reliable, efficient, and environmentally sound manner using state of art technologies. The Company aims to generate and supply energy from various sources, mainly hydropower. In order to pursue this goal, the Company envisages organizing and utilizing the financial and technical capabilities available within the country to construct projects one after another to contribute to whatever extent possible to the energy need of the nation and assure an attractive return to the investors.