Hydroelectricity Investment & Development Company Limited (HIDCL) had started floating its Initial Public Offering (IPO) worth Rs 2 arba (2 croreunits shares) from Kartik 12, 2072.
On the final day of the IPO, it has been oversubscribed by 17.5 times.
Sushil Kumar Aryal, Deputy CEO of Citizen Investment Trust Limited said, “The total collection of the IPO is approximately Rs 35arba till the last day. Around 2 lakh 10 thousand application forms were received.”
The final data might change as data from all the collection center are yet to be collected. This IPO has seen overwhelming response from all kinds of investors even when the country is going through one of the biggest crisis our generation has seen. This IPO has given an opportunity for the highest investment in terms of amount. So, the enthusiastic participation from institutional and retail investors has made this IPO biggest in terms of amount collected and the number of applications.
If the final number of application remains below 3 lakhs, then the IPO will be allotted within 60 days. The money will be refunded to the non-allottee investors from 65th day.
The hydropower company is issuing a total 2 crore units of ordinary shares at face value of Rs 100. 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 issue managers for the IPO are Citizen Investment Trust, NCM Merchant Banking Limited and NMB Capital Limited.
The authorized and issued capital of company is Rs 50 arba and Rs 10 arba respectively. The Paid up capital of the company remains at Rs 8 arba. 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, it has assigned ‘(ICRANP) IPO Grade 3’ to the IPO of Hydroelectricity Investment and Development Company which means that the offering holds average fundamentals.
Source : ShareSansar