Mid-Solu Hydropower Company IPO Allotment Concluded; 62,117 Applicants out of 12,82,819 Get 10 Units Each
Wed, Sep 27, 2023 6:39 PM on IPO/FPO News, Featured,
The IPO allotment of Mid-Solu Hydropower Company Limited is concluded today at the premises of issue manager NIC Asia Capital Limited, Kathmandu.
Mid-Solu Hydropower Company Limited had issued 6,21,172 unit IPO shares at par value of Rs 100 to the general public from Bhadra 29 to Ashwin 2, 2080.
Out of the total 7,48,400 units; 10% i.e. 74,840 units have already been allotted to Nepalese citizens working abroad, whereas 2% i.e. 14,968 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 37,420 units have been set aside for the mutual funds. The remaining 6,21,172 units are for the general public, the issue of which will open from today.
Earlier, the company had issued 7,48,400 unit IPO shares which were 10% of the issued capital to the project-affected locals of Solukhumbu district from 14th-30th Shrawan, 2080.
The issue had received applications from 12,82,819 valid applicants who had applied for a total of 14,056,210 units. The issue was oversubscribed by more than 22.55 times.
As per the allotment module, a total of 62,117 applicants were allotted 10 units each via lottery, and lucky 2 applicants got 1 unit extra and the remaining 1,220,702 applicants were returned with empty hands.
A total of 37,420 units were allotted to the mutual funds and 14,968 units were allotted to the employees of the company.
In total 3,561 applicants who applied for 50,900 units were disqualified.
Allotment Module:
The IPO result can be accessed by CDSC IPO Result, MeroShare, and NIC Asia Capital Limited.
ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus) to Mid Solu Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.
Mid-Solu Hydropower Limited was incorporated on April 19, 2017, as a private limited company and converted to a public limited on June 30, 2021, to facilitate public participation. The company is currently developing a 9.5-MW Mid-Solu Khola HPP in Solukhumbu district, Province 1 of Nepal. The project is a run-of-the-river (R-o-R) type and is being developed at a 40.9% probability of exceedance.
