May 24, 2022 | Investopaper
IPO Allotment Of River Falls Power Limited
Prabhu Capital Limited, the issue manager for the initial public offering (IPO) of River Falls Power Limited, has concluded the IPO allotment process on Monday.
After the allotment, 2,53,890 applicants have received 10 shares each. A total of 18,59,242 people had applied for the shares. Out of the total applicants, 49,983 applications was disqualified. More than 18 lakh applicants were left empty-handed.
To view the IPO result of River Falls Power Limited, click the link below:
IPO To General Public
After issuing the shares to the locals of the Sankhuwasabha District, River Falls Power Limited had floated 27,30,000 shares to the general public from Baisakh 28, 2079 BS. Due to full subscription of shares, the public offering was closed on Jestha 4, 2079 BS.
Out of the total shares, 54,600 units were reserved for the employees of the company. Likewise, 1,36,500 shares were allotted to the mutual fund schemes. Therefore, the general public could apply for the remaining 25,38,900 shares.
IPO To Locals
In the first phase of the IPO, River Falls Power Limited had sold 700,000 shares to the locals of the Sankhuwasabha District from Chaitra 27, 2078 BS. Due to full subscription of shares, the IPO issue was closed Baisakh 11, 2079 BS.
Interested locals could apply for a minimum of 10 shares and a maximum of 1,00,000 shares.
Securities Board Of Nepal (SEBON) granted the approval to the company for public issuance on Chaitra 10, 2078 BS. The company had submitted the application to the board on Shrawan 13, 2078 BS.
The company had appointed Prabhu Capital as sales manager to issue the shares. Mitra Lal Shrestha on behalf of River Falls Power and Managing Director Dinesh Thakali on behalf of Prabhu Capital signed the agreement for the public offering.
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About River Falls Power Limited
River Falls Power Limited was established on October 5, 2004. The company is constructing a 10.3 MW Down Piluwa Khola Hydropower Project on the Piluwa river in Dharmadevi municipality of Sankhuwasabha district.
The estimated cost of the project is around Rs 1.89 billion. The company has signed an agreement with Citizens Bank to receive Rs 1.32 billion as loan investment through consortium financing.
The electricity generated from the project will be transmitted through a 3.5 Km long 33kV transmission Line to Baneshwor Substation.