September 1, 2020 | Investopaper
Liberty Energy IPO Allotment (Result)
Liberty Energy Company has allotted the shares sold to the general public. Altogether 1,88,499 applicants applied for the IPO shares of the hydropower. Out of the total applications, 126 applications were rejected, as per the issue manager NIBL Ace Capital. Hence, 188,373 applicants received the shares.
In the allotment process, 94,904 applicants have received 10 shares, 45,048 applicants received 20 shares, and 48,221 applicants have received 30 shares. Similarly, 25,620 applicants have received 10 more shares.
Out of the 45,000 shares reserved for the employees, applications for only 6,100 shares was placed. Similarly, no mutual fund bought shares from the reserved 1.12 lakh shares (for mutual fund). The shares, which were not purchased by the employees, mutual funds and residents of the project affected areas, were sold to the public, said NIBL Ace Capital.
Liberty Energy Company IPO To General Public
Liberty Energy Company is issuing Initial Public Offering (IPO) to the general public from Bhadra 3, 2077. The IPO will remain open until Bhadra 7, 2077. Due to full subscription of shares, the issue will close from Bhadra 7. If it had under-subscribed until that period, the issue was scheduled to extend to Bhadra 17, 2077.
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The company is floating 35,64,930 units shares in the IPO to the general public worth Rs 35.64 crores. This includes 13,14,930 units unsubscribed by locals.
Investors can apply for a minimum 10 units and maximum 10,000 units.
The company had received approval for the issuance of the IPO from the Securities Board of Nepal (SEBON) on Falgun 8, 2076. The hydropower company applied for the IPO on Baisakh 16, 2076.
The total issued capital is Rs. 1.50 Arba. After the IPO, the general public will possess 15 percent of the company. Likewise, the locals will have 10 percent ownership.
NIBL Ace Capital is the issue manager for the IPO of Liberty Energy Company.
Liberty Energy IPO To Locals
Earlier the company had issued 15 lakh units shares in the Initial public offering (IPO) to the locals of the project affected area. The company floate the first phase of the IPO from Shrawan 7, 2077 until Shrawan 21, 2077.
Previously, the issue was open from Falgun 27, 2076 until Chaitra 11, 2076. However, due to the lockdown enforced by the government against the Covid-19 prevention, the company postponed the offering.
Out of the total 15 lakh units, 5 lakh units are reserved for the most affected areas that include Ward No. 6 and 7 of Dordi Gaupalika, Lamjung District. Likewise, 5 lakh units are for locals of other wards of Dordi Gaupalika and Ward No. 11 of Besisahar Municipality. The remaining 5 lakh units are for all the other locals of Lumjung districts.
Interested applicants can purchase a minimum of 10 shares and a maximum of 1,000 shares.
ICRA Nepal has provided IPO Grade 4 ratings to the issue of Liberty Energy Company.
About Liberty Energy Company
The hydropower company is currently developing 3 projects:
- Lodo Khola Small HEP
- BadiGad Khola HEP
- Upper Dordi-A HEP
Out of the 3 projects, the company has reported that almost 95 percent of the works of 25 MW Upper Dordi-A has been completed.
Mr. Kush Kumar Joshi is the chairman of the company.
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