Ngadi Power to float 9.73 lakhs kitta IPO shares from today; Investors can apply up to 50, 000 kitta

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    Lamjung based Ngadi Power Group Limited is floating its Initial Public Offering (IPO) of 9, 73,737 unit shares worth Rs 9.73 crore from today (Chaitra 21, 2072).

    The offer will close on Chaitra 24. The maximum closing date for the offer is Baisakh 5, 2073.

    Interested people must apply for a minimum of 50 units of share and they can apply for up to 50,000 unit of share.

    The issue manager for the IPO is NIBL Capital Market Limited.

    The hydropower company has set aside 19,474 unit shares for its employees and 48,686 unit shares for the 6 mutual fund companies. The mutual fund schemes are Nabil balance fund-1, NMB Sulav Investment Fund – 1, NIBL Sambriddhi Fund – 1,  Laxmi Value Fund -1, Siddhartha Equity Oriented Scheme, and Siddhartha Investment Growth Scheme- 1. The company has set aside 9, 05,577 unit share to the general public.

    The hydropower company plans to raise Rs 9.73 crore through the offer. After the IPO, the paid up will reach Rs 48.68 crore from the current Rs 38.94 crore which includes 4.86 crore collected from the project-affected area Lamjung. The hydropower has authorized capital of Rs 66.70 crore.

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

    ICRA Nepal has assigned an “[ICRANP] IPO Grade 4+”, indicating below average fundamentals to the proposed initial public offering (IPO) of Ngadi Group.

    Ngadi Power Group Limited has already floated 4, 86,868 unit shares of primary shares on Kartik 30, 2072 to the locals of Lamjung district at the face value of Rs 100 per unit.

    Source : ShareSansar