United Modi Hydropower issuing 17.25 lakh units IPO shares from today; applicants can apply up to 15,000 units share


    United Modi Hydropower Limited is 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 today (Falgun 19, 2073).

    The IPO applications will close on Falgun 23, 2073. The maximum closing date for the offer is Chaitra 3, 2073.

    Interested people must apply for a minimum of 50 units and they can apply for a maximum of 15,000 shares.

    NIBL Capital Markets Limited is the issue manager for this IPO.

    Out of the 17.25 lakh units shares, the hydropower company has set aside 34,500 shares for its staffs and 86,250 shares for the 10 mutual funds: Nabil Balance Fund-1, NMB Sulav Investment Fund – 1, NIBL Sambriddhi Fund – 1, Laxmi Value Fund -1, Siddhartha Equity Oriented Scheme, Siddhartha Investment Growth Scheme- 1, Global IME samriddhi Fund-1, Nabil Equity Fund , NMB Hybrid Fund L-1 and NIBL Pragati Fund.

    The company has set aside 16,04,250 unit shares to the general public.

    ICRA Nepal has assigned “[ICRANP] IPO Grade 3” for the IPO.

    Applicants can collect application forms and apply from NIBL Capital Markets, CBIL Capital, Kathmandu Capital Market, Vibor Capital, and designated branches of Gurkhas Finance, Guheshwori Merchant Banking and Finance, ICFC Finance, Synergy Finance, Hamro Bikas Bank, Green Dev Bank and Sajha Bikas Bank.

    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: Sharesansar