Last day to apply for 5.40 lakh units IPO of Chhyangdi Hydropower; issue oversubscribed by 35.51 times till third day


    Chhyangdi Hydropower Limited has been issuing 5,40,000 unit shares worth Rs 5.40 crore as part of its Initial Public Offering (IPO) to the general public from Jestha 14, 2074 and today (Jestha 18, 2074) is the last day to apply for the same. The issue has already been oversubscribed by 35.51 times till yesterday.

    As per an official of Global IME Capital, the issue manager for the IPO, “the issue has collected Rs 1 arba 78 crore from 39,305 applications till third day from both regular and ASBA.

    “The IPO has collected Rs 25.37 crore from regular applications and Rs 71.14 crore from ASBA collections on the third day. 14,919 applicants submitted the application via ASBA forms and 7,765 applicants submitted via regular application forms. The data is preliminary”, added the official.”

    Interested applicants must apply for a minimum of 50 units of share and they can apply for up to 2,700 unit of share.

    The hydropower company has set aside 10,800 unit shares for its employees and 5% or 27,000 unit shares for the 10 mutual fund companies. The mutual fund schemes are Nabil Balanced Fund-1, Nabil Equity Fund, NMB Sulav Investment Fund – 1, NMB Hybrid Fund L-1, NIBL Sambriddhi Fund – 1, NIBL Pragati Fund , Laxmi Value Fund -1, Siddhartha Equity Oriented Scheme, Siddhartha Investment Growth Scheme- 1 and Global IME Sammunat Scheme. The company has allocated 5,02,200 unit shares to general public.

    The authorized capital of company is Rs 50 crore.  The paid up capital of the company remains at Rs 21.60 crore. After the IPO for the general public, the paid up will reach Rs 27 crore.

    Recently, Chhyangdi Hydopower had issued 2,70,000 unit IPO shares worth Rs 2.70 crore for the locals of project affected people of Lamjung district.

    After the IPO, the promoter-people of affected area (Lamjung district) – public ratio of the company will be 70% to 10% to 20%.

    ICRA Nepal has assigned “[ICRANP] IPO Grade 4” grading to the upcoming Initial Public Offering (IPO) of Chhyangdi Hydropower Limited, indicating below average fundamentals.

    Chhyangdi was established on September 2, 2007 as a private limited company. The company is developing Channdi Khola Hydropower project (2 MW) in Lamjung district, Nepal.

    Source: The Share Sansar