Mandu Hydropower Limited IPO Allotment Concludes: Lucky 1,20,532 Applicants Allotted 10 Units Each via Lottery System
Sun, Sep 10, 2023 10:10 AM on IPO/FPO News, Latest,
The IPO allotment of Mandu Hydropower Limited is concluded today at the premises of issue manager Prabhu Capital Limited, Kathmandu.
Mandu Hydropower Limited had issued 12,05,320 unit IPO shares for Rs. 206 per share (Rs 100 face value + Rs 106 premium price) to the general public from 10th to 13th Bhadra, 2080.
Earlier, the company had issued 272,730 unit shares to the project-affected locals of Lalitpur and Makawanpur District out of which only 193,700 units were allotted to valid applicants. Thus, the remaining 79,030 units of unsubscribed shares of project-affected locals were added to 13,63,640 units (10% of the issued capital which was reserved for the general public) to make a total of 14,42,670 units for the general public.
Out of the total 14,42,670 units; 136,364 units have already been issued and allotted to Nepalese citizens working abroad, 72,133 units have been set aside for mutual funds and 28,853 units have been set aside for the employees of the company. The remaining 12,05,320 units are for the general public.
The issue had received applications from 8,72,837 valid applicants who had applied for a total of 94,17,870 units. The issue was oversubscribed by more than 7.81 times.
As per the allotment module, a total of 1,20,532 applicants were allotted 10 units each via lottery and the remaining 7,52,305 applicants were returned with empty hands.
A total of 72,133 units were allotted to the mutual funds and 28,853 units were allotted to the employees of the company.
In total 2,581 applicants who applied for 35,410 units were disqualified.
Allotment Module:
The IPO result can be accessed by CDSC IPO Result, MeroShare, and Prabhu Capital Limited.
The IPO issue will raise a total of Rs. 33.7 Crores for the company. Out of this Rs 17.34 Crores will be the premium amount and the rest will be added to the paid-up capital.
ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BBB- (pronounced ICRA NP Issuer Rating Triple B Minus) to Mandu Hydropower Limited. Issuers with this rating are considered to have a moderate degree of safety regarding the timely servicing of financial obligations.
Mandu Hydropower Limited was established on April 15, 2012. It is a hydro project with a capacity of 22MW of electricity generation. It is a joint project with Sichuan Hechuan Co. Ltd. (SHIC) in Chengdu, China. This Project is located at Bagmati River, IPA, Panchakanya VDC, Makwanpur District, Bagmati Zone, Nepal. This project has been successfully running for the last 2 years.
