Jan 13, 2016
Hydroelectricity Investment & Development Company Limited (HIDCL) has concluded its IPO allotment.
Investors who had applied from Rs 9,000 or 90 units to Rs 50,000 or 500 units were allotted on an average of 11.4 % of the applied shares. The big investors who had applied above Rs 50,000 were allocated 2.9% of the applied shares.
This is the first time where every valid applicants have got shares allotted and there is
no lottery at all! Every valid applicant will get at least 10 units of shares.
Applicants who applied up to 80 units got 10 units of shares, applicants who applied from 90 units to 500 units got at the rate of 11.2% and above 510 units got at the rate of 2.9%.
HIDCL had floated Initial Public Offering (IPO) worth Rs.2 arba (2 crore unit shares) from Kartik 12 to Kartik 19, 2072. The IPO was oversubscribed by 21.58 times.
There were only 534 invalid applicants. The non allotted investors will get refund within five days. The issue managers for the IPO are Citizen Investment Trust, NCM Merchant Banking Limited and NMB Capital Limited.
The company has allocated 10 lakhs units shares for the six mutual funds, 4 lakhs units shares for the staff members of HIDCL and 1 crore 86 lakhs units for general public.
The authorized and issued capital of company is Rs 50 arba and Rs 10 arba respectively. After the IPO, the paid up will reach Rs 10 arba. The net profit of last fiscal year stands at Rs 43.34 crore. HIDCL projected net profit for the fiscal year 2072/73 is Rs 56.03 crore.
ICRA Nepal has assigned ‘(ICRANP) IPO Grade 3’ to the IPO of Hydroelectricity Investment and Development Company which means that the offering holds average fundamentals.
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