July 12, 2022 | Investopaper
IPO Allotment Of Himalayan Hydropower Limited
Global IME Capital Limited, the issue manager for the initial public offering (IPO) of Himalayan Hydropower Limited, has concluded the IPO allotment process on Tuesday.
After the allotment, 1,83,047 applicants have received 10 shares each. Likewise, 2 applicants received additional one shares through lucky draw. A total of 15,95,554 people had applied for the shares. Out of the total applicants, 1,758 applications was disqualified. More than 14.10 lakh applicants were left empty-handed.
To view the IPO result of Himalayan Hydropower Limited, click the link below:
IPO To General Public
Himalayan Hydropower Limited had issued 19,68,250 shares to the general public (IPO) from Ashad 15, 2079 BS. Due to full subscription of shares, the issue was closed on Ashad 19, 2079 BS.
Out of the total shares, 39,365 shares were reserved for the employees of the company. Likewise, 98,413 shares were allotted to the mutual fund schemes. Therefore, the general public could apply for the remaining 18,30,472 shares.
One could apply for the minimum of 10 shares and a maximum of 1,000 shares.
The public issue included 6,18,250 shares that remained unsold during the first phase of IPO i.e. IPO to locals.
IPO To Locals
In the first phase of the IPO, Himalayan Hydropower Limited had sold 900,000 shares to the locals of the project-affected areas from Baisakh 25, 2079 BS. This is 8.22 percent of the total issued capital (Rs. 109.50 crores). Locals of Ward No. 1, 2, 3, 4, 6 & 7 of Madi Rural municipality of Kaski district applied for the shares.
The IPO issue to the locals was closed on Jestha 23, 2079 BS. Previously, the IPO was set to close on Jestha 16, 2079 BS. However, due to under-subscription until that period, the deadline for application was extended.
Interested locals could apply for a minimum of 10 shares and a maximum of 100,000 shares.
After selling the shares to the locals, the company will issue the shares to the general public in the second phase. In total, the hydropower company will issue 22.50 lakh shares in the IPO that amounts to Rs. 22.50 crores. The par value of each share is Rs. 100.
Securities Board Of Nepal (SEBON) granted the permission to the company on Baisakh 4, 2079 BS for the public issuance. The company had submitted the application to the board on Karthik 27, 2076 BS.
Global IME Capital Limited is the issue manager for the IPO.
At present, Himalayan Hydropower has a paid-up capital of Rs. 87 crores. After the issue of IPO, the capital will increase to Rs. 109.50 crores. If fully subscribed, the public (locals + general public) will possess 20.55 percent shares in the company. Likewise, the promoters will hold 79.45 percent ownership after the IPO.
About Himalayan Hydropower Limited
Himalayan Hydropower was established on Mangsir 22, 2061 BS as a private limited company. Later in Baisakh 28, 2074 BS, the company was transformed into a public company.
The company is currently operating a 12 MW Namarjun Madi Hydropower Project. The project is run of the river at Madi river of Kaski. The project generates 66.342 Gwh of electricity annually.
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