February 26, 2023 | Investopaper
IPO Allotment Of Asian Hydropower Limited
NMB Capital Limited, the issue manager for the initial public offering (IPO) of Asian Hydropower Limited, has concluded the IPO allotment process on Sunday.
After the allotment, 69,720 applicants have received 10 shares each. A total of 14,32,222 people had applied for the shares. Out of the total, 6,502 applicants were disqualified. More than 13.56 lakh applicants were left empty-handed after the allotment.
To view the IPO result of Asian Hydropower Limited, click the link below:
Second Phase: IPO To General Public
After the first phase of the Initial Public Offering (IPO), Asian Hydropower Limited had issued shares to the general public in the second phase of the IPO. The IPO to the general public was open from Magh 27, 2079 BS. The company had sold 756,000 shares to the public, including the mutual fund schemes and the employees of the company.
Due to over-subscription of shares, the public offering was closed on Falgun 3, 2079 BS.
Out of the total shares, 42,000 shares are allotted to the mutual fund schemes. Likewise, 16,800 shares are reserved for the employees of the company. Hence, the general public could participate in the remaining 6,97,200 shares.
Interested investors could apply for a minimum of 10 shares and a maximum of 20,000 shares.
First Phase: IPO To Locals & Foreign Employed Nepalese
In the first phase of the IPO, the company had sold shares to the locals of the project affected areas and to the Nepalese in Foreign Employment from Mangsir 27, 2079 BS.
The IPO to the Nepalese in foreign employment was closed on Poush 12, 2079 BS.
Similarly, the IPO to locals was closed on Poush 19, 2079 BS. Previously, the issue was set to close on Poush 12, 2079 BS. However, due to under-subscription until that period, the deadline for application was extended.
The company had issued 3,40,000 shares to the locals of the project affected areas of Illam District that amounts to Rs. 3.4 crores.
Similarly, the company sold 84,000 shares to the Nepalese in foreign employment (10 percent from general public’s quota).
The locals of Illam district could apply for a minimum of 10 shares and a maximum of 20,000 shares. Likewise, the Nepalese in foreign employment could subscribe for a minimum of 10 shares and a maximum of 20,000 shares.
In total, the company will float 11.80 lakh shares in the two phases.
Securities Board Of Nepal (SEBON) granted the approval to the company for the public issuance on Karthik 29, 2079 BS. The company had submitted the application to the board on Poush 11, 2078 BS seeking permission to float the shares.
The company has appointed NMB Capital Ltd. as the issue and sales manager to float the shares.
After the issue of IPO [if fully subscribed], the general public along with locals will possess 34.71 percent shares in the company while the promoters will hold 65.29 percent ownership.
The paid-up capital will reach Rs. 34 crores if the public issue is fully subscribed.
About Asian Hydropower Limited
Asian Hydropower Limited was incorporated on May 5, 2016, as a Private Limited Company. It was later converted into a public company in July 2019. The company is mainly promoted by Mrs. Mangala Amatya, CE Construction Private Limited, and Urja Developers Private Limited.
Asian Hydropower is currently developing Lower Jogmai Hydropower Project at Illam District. The project is a Run-of-River type Hydropower project with an installed capacity of 6.20 MW.