Bikash Hydropower Limited IPO Allotment Concludes: Lucky 2,94,276 Applicants Allotted 10 Units Each via Lottery System

Bikash Hydropower Company Limited's IPO allotment was concluded today at the premises of the issue manager, Prabhu Capital Limited, Kamaladi, Kathmandu.

Bikash Hydropower Company Limited had issued 29,42,760 units worth Rs 29.42 crores as an Initial Public Offering (IPO) to the general public (18th Ashadh- 22nd Ashadh, 2082).

Out of the total 35,45,500 units, 10%, i.e., 354,550 units, had already been issued to Nepalese citizens working abroad, whereas 2%, i.e., 70,910 units, had been set aside for the employees of the company, and 5% of the total offered shares, i.e., 1,77,275 units, had been allocated for mutual funds. The remaining 29,42,760 units were for the general public.

The issue received a total of 20,56,202 applications for 23,655,370 units, resulting in an oversubscription of more than 8.03 times. Meanwhile, 94,465 applications were rejected.

As per the allotment module, a total of 2,94,276 applicants were allotted 10 units each via lottery.

Allotment Module:

The IPO result can be accessed by CDSC IPO Result, MeroShare, and Prabhu Capital Limited.

In terms of creditworthiness, ICRA Nepal has recently upgraded Bikash Hydropower’s issuer rating from [ICRANP-IR] BB to [ICRANP-IR] BBB-, reflecting a moderate degree of safety in meeting financial obligations. The company’s long-term rating has improved from [ICRANP] LBB to [ICRANP] LBBB-, and its short-term rating has been upgraded from [ICRANP] A4 to [ICRANP] A3, signifying enhanced credit strength.

Established in February 2017 and converted to a public limited company in January 2022, Bikash Hydropower Company Limited currently operates the 4.55 MW Upper Machha Khola Small Hydropower Project in Gorkha, Gandaki Province. The run-of-the-river project, based on a Q50 model, features a design discharge of 2.63 m³/sec and a gross head of 219.5 meters. The project generates around 31.157 GWh annually, with a 39% dry season energy mix.