United Modi Hydropower IPO collects Rs 39 crore on the 1st day; IPO oversubscribed by more than 2.43 times from regular applications only


    United Modi Hydropower Limited has been issuing 17,25,000 units shares worth Rs 17.25 crore to the general public as a part of their Initial Public Offering (IPO) from yesterday (Falgun 19, 2073).

    As per an official of NIBL Capital Markets Limited, the issue manager for the IPO, the issue has collected around Rs 39 crore on the first day from regular applications only. Around 7,500 application forms were received. Collections from ASBA applications will only be known after 4 days.

    The company has set aside 16,04,250 unit shares to the general public, 34,500 shares for its staffs and 86,250 shares for mutual funds.

    The IPO applications will close on Falgun 23, 2073. Interested people must apply for a minimum of 50 units and they can apply for a maximum of 15,000 shares. Applicants can also apply from more than 1,971 branches of ASBA-approved banks in 73 districts around Nepal.

    United Modi Hydropower Limited had issued 11,50,000 units shares worth Rs 11.50 crore for the local people of Parbat district from Bhadra 26 to Ashwin 9, 2073. The paid up capital of United Modi Hydropower Limited currently stands at Rs 97.75 crore. After the IPO, their paid up capital will reach Rs 1.15 arba, and the shareholding ratio of promoter – people of the affected area – general public will be 75%-10%-15%.

    United Modi Hydropower Limited operates 10MW Lower Modi-1 Hydropower project located in Parbat district. The hydropower company has also received approval for the construction of 10.5 MW Lower Modi-2 hydropower project. It aims to complete the construction within Asadh 2076.

    Source: The Kathmandu Post