Rawa Energy Development IPO Allotment Concludes: Lucky 64,366 Applicants Allotted 10 Units Each via Lottery System
Tue, Jun 13, 2023 3:56 PM on Share Allotment, Latest, IPO/FPO News,
The IPO allotment of Rawa Energy Development Limited is concluded today at the premises of Prabhu Capital Limited, Kamladi, Kathmandu.
Rawa Energy Development Limited had issued 6,43,667 units worth Rs 6.43 crores as Initial Public Offering (IPO) to the general public (Jestha 18- 22, 2080).
Earlier, the company had issued 2,80,000 unit shares worth Rs. 2.8 crores to the project-affected locals of Khotang District out of which only 87,370 units or 31.2% were allotted to valid applicants. Thus, the remaining 192,330 units of unsubscribed shares of project-affected locals were added to 560,000 units (20% of the issued capital which was reserved for the general public) to make a total of 752,330 units for the general public.
Out of the total 752,330 units; 56,000 units have already been issued and allotted to Nepalese citizens working abroad, 37,616 units have been set aside for mutual funds, and 15,047 units have been set aside for employees of the company. The remaining 643,667 units are for the general public.
Overall, 70% of shares are of the promoter shareholders in the company.
The issue had received applications from 10,77,740 valid applicants who had applied for a total of 11,564,590 units. The issue was oversubscribed by more than 17.96 times.
As per the allotment module, a total of 64,366 applicants were allotted 10 units each via lottery and 7 lucky applicants get 1 unit extra and the remaining 10,13,374 applicants were returned with empty hands.
A total of 37,616 units were allotted to the mutual funds and 15,047 units were allotted to the employees of the company.
In total 1,07,466 applicants who applied for 14,21,800 units were disqualified by CASBA members, duplicate application of local issue and foreign employment.
Allotment Module:
The IPO result can be accessed by CDSC IPO Result, MeroShare, and Prabhu Capital Limited.
CARE Ratings Nepal Limited (CRNL) has assigned the issuer rating assigned of ‘CARE-NP BB (Is)’ to Rawa Energy Development Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.
Rawa Energy Development Ltd is a public limited company, incorporated on August 16, 2009, as a private limited company and later converted to a public limited company on June 28, 2019. It is promoted by business persons having long experience in hydropower and other sectors for setting up Hydroelectric Projects (HEP) in the territory of Nepal. The company has a 3 MW Upper Rawa Khola Small Hydropower Project (URKHP) in Khotang District which has been in commercial operation since September 20, 2020. The project is constructed under BOOT (Build, Own, Operate, and Transfer) mechanism.
