Bindhyabasini Hydropower (BHDCL) IPO Collects Rs. 41.61 Crore from 3,36,708 Applicants on First Day; Oversubscribed Over 3.04 Times

Bindhyabasini Hydropower Development Company Limited (BHDCL) opened its IPO issue to the general public from 20th Jestha, 2079. The early closing date of this IPO issue is on 25th Jestha. If it is not fully subscribed the issue will be extended up till Ashadh 03, 2079.

The company is issuing 15,00,000 units of ordinary shares worth Rs. 15 crores at par value of Rs. 100. This is 15% of the company's issued capital. 4% of the issue worth 60,000 shares have been allocated for employees of the company and 5% worth 75,000 shares for mutual funds. The remaining 13,65,000 shares are purely for the individual public. The company has already issued 10,00,000 units worth of Rs. 10 crores to the project affected locals. Thus, the paid-up capital of the company after the IPO allotment would be Rs 1 arba. The promoter public share ratio stands 75 : 25.

Sanima Capital Limited has been appointed as the issue manager for the IPO issuance. According to the auction manager, 3,36,708 applicants have applied for total of 41,61,320 units worth Rs. 41.61 crores. This is the data as of 6 p.m. on Friday. Thus, the issue is oversubscribed 3.04 times on the first day itself.

Applications can be placed for a minimum of 10 units and a maximum of 1,00,000 units. 

CARE Ratings Nepal has assigned a double B plus issuer rating [CARE-NP BB+ (Is)] to the company. Companies with this grading are considered to have a moderate risk of default regarding timely servicing of financial obligations.