Api Power IPO allotment tomorrow at 7 AM; offer was oversubscribed by 30.43 times

    444

    August 31; The allotment of shares under the Initial Public Offering (IPO) of Api Power Company Limited will be made public on Bhadra 15  (tomorrow).

    Deputy General Manager of NIBL Capital Market limited, Mr. Kabindra Dhoj Joshi said that all the details regarding IPO allotment will be made public tomorrow at 7 am at the premises of NIBL Capital Market Limited, Lazimpat, Kathmandu.

    8.5 MW API Power Company Limited had floated IPO of 30,00,000 unit shares of Rs 100 face value each from Ashad 24, 2072. The offer was oversubscribed by 30.43 times i.e. approx. Rs 8 arba 40 crore collection amount. Total 1 lakh 80 thousand plus forms were received.

    Investors were required to invest minimum of 50 units of share and maximum limit was up to 1,000 unit of share.

    The hydropower company had set aside 90,000 unit shares for its employees and 1, 50,000 unit shares for the 6 mutual fund companies on pro rata basis. The mutual fund schemes are Nabil mutual fund-25,000 unit shares, NMB mutual fund-25,000 unit shares, NIBL mutual fund-25,000 unit shares, and Laxmi mutual fund- 25,000 unit shares, Siddhartha mutual fund-25,000 unit shares, and Citizen Investment Trust-25,000 unit shares.

    The hydropower company plans to raise Rs 30 crore through the offer. After the IPO, the paid up will reach Rs 1 arba from the current Rs 70 crore which includes 10 crore collected from the project-affected area of Darchula and Baitadi districts and Rs 60 crore from the total 1,064 promoters of the company.

    After the IPO, the promoter-people of affected area (Darchula and Baitadi) – public ratio in the company will be 60% to 10% to 30%.

    ICRA Nepal had assigned an “[ICRANP] IPO Grade 3”, indicating average fundamentals to the proposed initial public offering (IPO) of Api Power Company Limited (APCL).

    Source : ShareSansar