Manakamana Engineering Hydropower IPO Allotment Concludes: Lucky 2,27,662 Applicants Gets 10 Units Each
Sun, Aug 20, 2023 6:36 PM on IPO/FPO News, Latest,
The IPO allotment of Manakamana Engineering Hydropower Limited is concluded today at the premises of B.O.K Capital Markets Limited, Kathmandu.
Hydropower had issued 22,76,620 unit IPO shares of Rs 100 face value to the general public from 28th to 31st Shrawan, 2080.
Earlier, the company had issued 800,000 unit shares worth Rs. 8 crores to the project-affected locals of Dolakha District out of which only 183,380 units or 22.92% were allotted to valid applicants. Thus, the remaining 616,620 units of unsubscribed shares of project-affected locals were added to 20,00,000 units (25% of the issued capital which is reserved for the general public) to make a total of 26,16,620 units for the general public.
Out of the total 26,16,620 units; 10% i.e. 200,000 units have already been issued and allotted to Nepalese citizens working abroad, 100,000 units have been set aside for the mutual funds while 40,000 units have been set aside for the employees of the company. The remaining 22,76,620 units are for the general public. The paid-up capital of the company will reach Rs. 80 Crores after the IPO issuance.
The issue had received applications from 13,11,517 valid applicants who had applied for a total of 14,224,720 units. The issue was oversubscribed by more than 6.25 times.
As per the allotment module, a total of 2,27,662 applicants were allotted 10 units each via lottery and the remaining 10,83,855 applicants were returned with empty hands.
A total of 1,00,000 units were allotted to the mutual funds and out of 40,000 units were allotted to the employees of the company.
In total 5,012 applicants who applied for 82,070 units were disqualified.
Allotment Module:
The IPO result can be accessed by CDSC IPO Result, MeroShare, and BOK Capital Markets Limited.
CARE Ratings Nepal Limited (CRNL) has assigned a rating of ‘CARE-NP BB (Is)’ to Manakamana Engineering Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.
Manakamana Engineering Hydropower Limited is a public limited company, incorporated on July 18, 2010, as a private limited company and later converted to a public limited company on July 10, 2021. It is promoted by individual promoters having experience in hydropower and other sectors for setting up Hydroelectric Projects (HEP) in Nepal. The company is involved in the operation of a 5 MW run–of–the–river Ghattekhola Small Hydropower Project (GKHP) in the Dolakha district of Nepal by utilizing the available head and flow from Ghatte Khola (river). The project started commercial operation on November 08, 2020.
