Kathmandu. More than 1.1 million applications have been received for the IPO of Bikas Hydropower on the second day today. According to the CDSC, a total of 1,113,585 applicants have applied for 1,37,09,680 units of shares till 5 pm today. This is 4.6 times more applications than the demand.
Hydropower has opened the IPO issue and sale from June 1. The company has issued the IPO for the general public from today after distributing the IPO issued for the local residents of the project-affected areas and Nepalis in foreign employment.
The company had received permission to issue 4,454,596 units of shares worth Rs 445.459 million i.e. 49 percent of the issued capital of Rs 909.1million. Of these, the company has issued 909,101 units of ordinary shares to the local residents of the project-affected areas and 354,550 units of ordinary shares to nepalis employed abroad after obtaining labour clearance from the concerned authorities of the Government of Nepal.
Applications can be made for a minimum of 10 units and a maximum of 10,000 units. Applications for the IPO can be submitted at the earliest till July 30, while applications can be submitted till July 30.
ICRA Nepal has given the company an ICRA NP issuer rating triple B minus in the rating for the IPO issue. This indicates that there is an average risk in the company’s ability to bear liabilities.
Prabhu Capital Limited is the issue manager of the company. Investors can apply through the C-ASBA system from all C-ASBA member banks and financial institutions and their designated branch offices approved by the Securities Board of Nepal.
