Kathmandu. More than 2.1 million people have filled the IPO of Bikas Hydropower on the last day today. According to CDAC, a total of 2,120,857 applicants had applied for 25,627,110 units of shares till 5:06 pm today, which is 8.71 times higher than the demand.
Hydropower has opened the IPO issue and sale from June 1. The ipo has been issued for the general public after the company allotted the IPO 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.
In the second phase, the company has reserved 70,910 units of ordinary shares for employees and 177,275 units for mutual funds and the remaining 2,942,760 units for the general public.
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.
