Kathmandu, April 1
The Initial Public Offering (IPO) of Ridi Hydropower Development Company Limited has been allotted today.
Those who applied up to Rs 41, 000 under the small group as well as those who applied from Rs 51, 000 to 1 lakh 10 thousand have fallen under the lottery.
This means that even those who applied for more than Rs 1 lakh may not get ten units of shares.
The IPO has been tentatively allotted at 2.23 percent for the small group and
0.94 percent to bigger one.
The allotment model was designed in such a way due to overwhelming applications from both the retail and the institutional investors.
Ridi hydropower’s IPO of 11.70 lakh units, was oversubscribed by 81.71 times, according to the final compiled data.
Also, There were 81,477 valid applicants and only 315 invalid ones, according the issue managers.
Ridi had issued the IPO at the face value of Rs 100 per unit on February 16.
The IPO being managed by Civil Capital Market Limited and co-managed by Elite Capital Limited had close on February 20.
Of the total units of the primary shares, 58,500 units were kept aside for Nabil Balanced Fund-1, SIG1 and Nagarik Ekanka Yogana, and additional 23,400 units were reserved for the hydropower's staff.
Ridi had earlier issued the IPO for 3 lakh unit equity shares to the local residents affected or in the vicinity of the 2.4 MW Ridi Khola Small
Hydropower Project in October last year.
Ridi Khola Small Hydropower Project came into operation in Kartik 2066, has already sold electricity worth Rs 14.83 crore to the Nepal Electricity Authority.
The Initial Public Offering (IPO) of Ridi Hydropower Development Company Limited has been allotted today.
Those who applied up to Rs 41, 000 under the small group as well as those who applied from Rs 51, 000 to 1 lakh 10 thousand have fallen under the lottery.
This means that even those who applied for more than Rs 1 lakh may not get ten units of shares.
The IPO has been tentatively allotted at 2.23 percent for the small group and
0.94 percent to bigger one.
The allotment model was designed in such a way due to overwhelming applications from both the retail and the institutional investors.
Ridi hydropower’s IPO of 11.70 lakh units, was oversubscribed by 81.71 times, according to the final compiled data.
Also, There were 81,477 valid applicants and only 315 invalid ones, according the issue managers.
Ridi had issued the IPO at the face value of Rs 100 per unit on February 16.
The IPO being managed by Civil Capital Market Limited and co-managed by Elite Capital Limited had close on February 20.
Of the total units of the primary shares, 58,500 units were kept aside for Nabil Balanced Fund-1, SIG1 and Nagarik Ekanka Yogana, and additional 23,400 units were reserved for the hydropower's staff.
Ridi had earlier issued the IPO for 3 lakh unit equity shares to the local residents affected or in the vicinity of the 2.4 MW Ridi Khola Small
Hydropower Project in October last year.
Ridi Khola Small Hydropower Project came into operation in Kartik 2066, has already sold electricity worth Rs 14.83 crore to the Nepal Electricity Authority.
The developer of the project, Ridi Hydropower Development Company was registered as a private company back in Ashwin 2057 and converted to a public undertaking in Shrawan 2063.
The company has the authorized capital of Rs 50 crore, issued capital of Rs 30 crore and the paid-up capital of Rs 18.3 crore after the issuance of the IPO to the locals. After the issuance of the IPO to the general public, Ridi Hydropower’s paid-up will surge to Rs 30 crore.
ICRA Nepal has given Grade 3 credit rating to the IPO of the company, which had posted a net profit of Rs 2.12 crore in the last fiscal year 2069/70.
Ridi Hydropower Development Company, which is one of the companies in the group of Arun Valley and Rairang Hydropower Development Company have four projects under its belt.
Among them, three are already operational while one is under construction.
The company has the authorized capital of Rs 50 crore, issued capital of Rs 30 crore and the paid-up capital of Rs 18.3 crore after the issuance of the IPO to the locals. After the issuance of the IPO to the general public, Ridi Hydropower’s paid-up will surge to Rs 30 crore.
ICRA Nepal has given Grade 3 credit rating to the IPO of the company, which had posted a net profit of Rs 2.12 crore in the last fiscal year 2069/70.
Ridi Hydropower Development Company, which is one of the companies in the group of Arun Valley and Rairang Hydropower Development Company have four projects under its belt.
Among them, three are already operational while one is under construction.
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