Kathmandu, July 23: Kutheli Bukhari Small Hydropower Limited had issued 101,151 units worth Rs 1.01 crores as Initial Public Offering (IPO) to the general public.
According to sharesansar.com, out of the total 121,867 units; 10% i.e. 12,186 units have already been issued and allotted to Nepalese citizens working abroad, 5% of the total offered shares i.e. 6,093 units have been set aside for the mutual funds while 2% i.e 2,437 units have been set aside for the employees of the company. The remaining 101,151 units were for the general public.
The paid-up capital of the company will reach Rs. 12.18 Crores after the IPO issuance.
The issue had received applications from 1,047,305 valid applicants who had applied for a total of 11,122,370 units. The issue was oversubscribed by more than 109.95 times.
As per the allotment module, a total of 10,115 applicants were allotted 10 units each via lottery, and lucky 1 applicant get 1 unit extra and the remaining 10,47,305 applicants were returned with empty hands.
A total of 6,093 units were allotted to 15 mutual funds and 2,437 units were allotted to 14 employees of the company.
In total 1,163 applicants who applied for 13,060 units were disqualified.
About the Company
ICRA Nepal has reaffirmed the issuer rating of Kutheli Bukhari Small Hydropower Limited at [ICRANPIR] BBB- (pronounced ICRA NP Issuer Rating Triple B minus), indicating a moderate degree of safety regarding the timely servicing of financial obligations.
Kutheli was incorporated on August 11, 2011, as a private limited company and was converted to a public limited company on January 28, 2015, to facilitate public participation. The company is operating a 0.998-MW Suspa Bukhari Khola Small HPP in the Dolakha district, Madhesh Province of Nepal. It is a run-of-the-river (R-o-R) type project with a 40% probability of exceedance (Q40). The project started commercial operation on September 20, 2015, and was developed at a total cost of ~NPR 248 million.
