Ghalemdi Hydro IPO issue oversubscribed by 2.82 times; receives almost 56 thousand applicants for a total of 43.22 Lakh units

Tue, Jan 8, 2019 4:05 PM on IPO/FPO News, Latest, Stock Market,
Ghalemdi H...

The IPO issue of Ghalemdi Hydro Limited has concluded. As per the issue manager, Vibor Capital, the issue has received a total of 55,843 applicants who have applied for 4,322,460 units of shares. However, this data includes the disqualified applicants. As per the data provided by the issue manager, the issue has been oversubscribed by 2.82 times.

The hydropower company has set apart 22,000 units shares for the employees of the company, 55,000 units for the mutual funds and 1,533,770 units for the general public. It includes 455,770 unsubscribed units from the issuance made to the locals of Myagdi district.

ICRA Nepal has assigned Grade 5 rating to the IPO indicating poor fundamentals.

The paid-up capital of the company will stand at Rs 55 crore after the issuance of IPO for the general public.

Ghalemdi Hydro Limited has been developing a 4 MW capacity project located at ward no 7, Narchyang VDC of Myagdi district. The total expected cost of the project is Rs 1.15 arba while the per MW cost is Rs 23 crore.