Barun Hydropower IPO update; collection reaches more than Rs 4 arba 41 crore

ShareSansar, March 9:

Barun Hydropower Company Limited had started floating its Initial Public Offering (IPO) from March 1 which lasted till March 4.

As per the preliminary reports, Barun Hydropower Company Limited has collected Rs 4 arba 41 crore from its initial public offering, nearly 100 times the amount it wanted to raise through the offer. By the time details regarding the collection would trickle in from all the collection centers, the IPO is set to be oversubscribed by even more times.

Barun Hydropower company floated a total 4,86,000 units of ordinary shares at face value of Rs 100. The company has allocated 24,300 units shares for the mutual funds, 8,720 units for the staff members of the hydro power company and 4,51,980 units for general public.

ICRA-Nepal, a credit rating agency, has assigned “[ICRANP] IPO Grade 4” rating for the IPO. The rating indicates below average fundamentals for the IPO.

The investors were required to invest in a minimum of 50 units and allowed to apply for a maximum of 1,000 units. The company has authorized capital of Rs 350 million and paid-up capital of Rs 243 million (after adjustment of public shares).