Rawa Energy Development IPO Allotment To Be Concluded On Tuesday; 64,366 Applicants Will Get 10 Units Each

The IPO allotment of Rawa Energy Development Limited will take place this Tuesday, i.e. on 30th Jestha, 2080. The allotment program will be held at the premises of the issue manager Prabhu Capital Limited, Kamaladi, Kathmandu at 4 pm.

The company had issued 643,667 unit shares to the general public of Rs 100 face value. Out of the total 752,330 units; 56,000 units were allotted to Nepalese citizens working abroad, 37,616 units were set aside for mutual funds, and 15,047 units were for employees of the company. The remaining 643,667 units were for the general public.

According to data presented by CDSC, the issue has received approx 11,65,526 applications applying for a total of 1,27,61,480 units of shares till the last day. Thus, the IPO was oversubscribed by 19.82 times in terms of the number of units through ordinary applicants as of the closing day.

Looking at the data, it is apparent that only 64,366 lucky applicants will get ownership of the company.

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.