IPO Allotment of Mid Solu Hydropower Company Concluded [IPO Result]
September 27, 2023 | Investopaper
IPO Allotment Of Mid Solu Hydropower Company Limited
NIC Asia Capital Limited, the issue manager for the initial public offering (IPO) of Mid Solu Hydropower Company Limited, has concluded the IPO allotment process on Wednesday.
After the allotment, 62,117 applicants have received 10 shares each. Two applicants received additional share each.
A total of 12,82,819 valid applicants had subscribed for the shares. With the allotment, more than 12.20 lakh applicants were left empty-handed.
To view the IPO result of Mid Solu Hydropower Company Limited, click the link below:
IPO Result Of Mid Solu Hydropower Company Limited
Second Phase: IPO To General Public
After the first phase, Mid Solu Hydropower Company Limited had issued shares to the general public in the second phase of an initial public offering (IPO). The IPO to general public was open from Bhadra 29, 2080 BS.
The company had sold 6,21,172 shares at Rs. 100 per share to the general public.
Interested investors could apply for a minimum of 10 shares and a maximum of 100,000 shares.
Due to over-subscription of shares, the public offering was closed on Ashwin 2, 2080 BS.
The company had reserved 37,442 shares to the mutual fund schemes while 14,968 shares were reserved for the employees of the company.
First Phase: IPO To Locals & Foreign Employed Nepalis
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 Shrawan 14, 2080 BS.
The IPO to the foreign-employed Nepalese was closed on Shrawan 28, 2080 BS.
Similarly, the IPO to locals was closed on Shrawan 30 , 2080 BS. Earlier, the issue was also set to close on Shrawan 28, 2080 BS. However, due to under-subscription until that period, the deadline for application was extended.
The company had issued 10 percent of the issued capital i.e. 7,48,400 shares to the locals of Solukhumbu district.
Likewise, the company floated 74,840 shares to the Nepalese in foreign employment (10 percent from general public’s quota).
The locals could apply for a minimum of 10 shares and a maximum of 10,000 shares. Likewise, the foreign-employed Nepalese could subscribe for a minimum of 10 shares and a maximum of 10,000 shares.
In total (including the first and second phase), the company will sell 14,96,800 shares in the IPO at a face value of Rs 100. Hence, the public issue amounts to Rs 14.96 crores.
For this purpose, Securities Board Of Nepal (SEBON) has given the permission to the company on Ashad 18, 2080 BS. The company had submitted the application to the board on Magh 11, 2079 BS. Only after receiving the approval from the regulatory body, the company can float the shares to the public.
NIC Asia Capital Limited is the issue and sales manager. The agreement for public offering has already been signed between the company and NIC Asia Capital Limited in this regard.
About Mid Solu Hydropower Company Limited
Mid Solu Hydropower Company Limited is currently developing a 9.5 MW Mid Solu Khola Hydropower Project in Solukhumbu district.
The total estimated cost of the project is Rs. 1.75 billion which will be financed in the debt-equity ratio of 70:30.
The electricity generated from the project will be evacuated to the proposed NEA’s Tingla Substation.
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