API Power IPO allotment: Up to Rs 29,000 thru lottery, above that 3.2 % to 2.6% shares

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    API Power Company Limited has concluded its IPO allotment today at the premises of issue manager NIBL Capital Markets Limited at Lazimpat, Kathmandu at 7:00 AM.

    To View Result download : http://niblcapital.com/files/8114/4108/5783/Api_Hydro_Lottery_Allotment.pdf

    Allotment for investors who had applied from Rs 5000 or 50 units to Rs 290,00 or 290 units shares was decided through lottery and remaining investors who had applied for Rs.30,000 or 300 units to Rs 50,000  or 500 units were allotted 3.2 % to 3.3 % on pro-rata basis. And the other investors applied for Rs 51,000 or 510 units to Rs 1,00,000 or 1, 000 units were allotted 2.5% to 2.6% on pro rata basis.

    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 closed on Ashad 28, 2072.

    Of the total 28, 50,000 shares set aside for public, 40% or  1,104,000 shares, were put aside for retail investors and 60% or 1,656,000 shares, under “other investor” category. Retail investors applied for a total of 34,340,510 unit shares and those in the others category demanded 63,266,840 units.

    The shares set aside for retail investors were oversubscribed by 31.11 times and those set aside under other category were oversubscribed by 38.20 times.

    Of the total 185, 341 applicants’ only 148, 616 investors got the shares.

    There were only 218 invalid applicants. Altogether 35 staffs were allotted 90,000 units and six mutual fund schemes were given 150,000 unit shares.

    The hydropower company has 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-25000 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 has assigned an “[ICRANP] IPO Grade 3”, indicating average fundamentals to the proposed initial public offering (IPO) of Api Power Company Limited (APCL).

    Source : ShareSansar