Kathmandu, May 2: The IPO allotment of Mai Khola Hydropower Limited is concluded today at the premises of Prabhu Capital Limited, Kathmandu. Mai Khola Hydropower Limited had issued 12,69,411 units worth Rs 12.69 crores as Initial Public Offering (IPO) to the general public (Baisakh 8- 12, 2080).
Out of the total 15,29,411 units; 10% i.e. 152,941 units have already been issued and allotted to Nepalese citizens working abroad, whereas 2% i.e 30,588 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 76,471 units have been set aside for the mutual funds. The remaining 12,69,411 units are for the general public.
The paid-up capital of the company will reach Rs. 39.21 Crores after the IPO issuance. Earlier, the company had issued 392,157 unit shares worth Rs. 3.92 crores to the project-affected locals and 152,941 unit shares to Nepalese citizens working abroad. Overall, 51% of shares are of the promoter shareholders in the company. The total capital after the IPO will be Rs 39.21 crore of the company. The issue had received applications from 12,73,891 valid applicants who had applied for a total of 13,696,930 units. The issue was oversubscribed by more than 10.79 times.
As per the allotment module, a total of 1,26,941 applicants were allotted 10 units each via lottery, and lucky 1 applicant got 1 unit extra and the remaining 11,46,950 applicants were returned with empty hands.
A total of 76,471 units were allotted to the mutual funds and 30,588 units were allotted to the employees of the company. In total 1,214 applicants who applied for 23,890 units were disqualified.
The IPO result can be accessed by CDSC IPO Result, MeroShare, and Prabhu Capital Limited.
ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus) to Mai Khola Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default in the timely servicing of financial obligations.
Mai Khola Hydropower Limited is a private company established in the year of 2073 B.S. The first (pilot) project of Mai Khola Hydropower Ltd. is Super-Mai Cascade Hydropower Project (3 Mw), which is going to be commenced in the very near future. It is designed to take water by tapping water from Super Mai Hydropower Project (7.8 MW) Tailrace Canal, generating 18.30 GWh of energy.
