Joshi Hydropower's IPO to be allotted tomorrow; All valid applicants to receive minimum 10 units

The IPO of Joshi Hydropower Company will be allotted tomorrow. The public offering for the general public will be allotted amidst a program in the premises of Siddhartha Capital at 10:30 AM.

Till the last day, 83,770 applicants had applied for more than 59 lakh units. All the applicants are to receive minimum 10 units while the allotment of the excess units will be decided through lottery.

The company had issued 16,90,470 units IPO at Rs 100 per share to the general public.The offering included 50,714 units for the employees of the company, 84,523 units for the mutual funds and remaining 15,55,233 units for the general public. The issue also included unsubscribed 2,42,010 units issued for the locals of project affected area.

Siddhartha Capital Limited has been appointed as the issue manager for the IPO issuance.

ICRA  Nepal has assigned Grade 5 rating to the IPO issuance which indicates poor fundamentals.

After the adjustment of IPO, the paid-up capital of the hydropower company will reach Rs 37.14 crore with the shareholding ratio standing at 51:49 for promoters and ordinary shareholders respectively.