Shivam Cement IPO allotment to be done tomorrow; all applicants to be allotted shares with some lucky applicants getting extra units
Tue, Mar 5, 2019 3:26 PM on External Media, IPO/FPO Result News, Featured,
All the applicants who applied for the IPO of Shivam Cement will be allotted shares.
The issue manager, Siddhartha Capital is in the process of preparing the allotment module that will allot shares to all the applicants. The allotment process will take place tomorrow i.e. Wednesday at Siddhartha Capital from 10:30 AM onwards.
As per the officials at Siddhartha Capital, applicants who has applied for 50 units to maximum of 5,640 units will be fully allotted shares. The remaining 115 units will be allotted through lucky draw. Out of 38 applicants who had applied for maximum units of shares, 11 applicants will be allotted 10 shares each and 5 applicants will be allotted 1 unit each through lucky draw. An applicant can get maximum of 5,651 units after the lucky draw.
The company had floated 2% shares of the issue capital i.e. 8.80 Lakh unit shares to the project affected locals and 10% i.e. 44 lakh unit shares to the general public. Out of the total issuance, 220,000 units (5%) had been separated for the Employees of associated organizations and another 220,000 units (5%) for Mutual Funds. However, mutual fund have subscribed only for 60,000 units. So, the remaining shares have been added for general public category.
The company was offering 41.20 Lakh units for the general public at Rs.300 per share, for which it received applications from 51,898 applicants. Similarly, 94,335 units that remain unsubscribed by the locals of the project affected area, will be added for the general public category.
The company had re issued 5.79 Lakh units to the locals of the project affected area along with the issue for the general public at Rs.200 per share. Applications were received from 944 applicants who had applied for a total of 4.84 Lakh units.
ICRA Nepal had assigned Grade 3+ rating to the IPO of Shivam Cements Limited indicating Average Fundamentals.
After the IPO, the paid-up capital of the company will reach Rs.4.40 Arba.
