Greenlife Hydropower closing IPO for locals from today; still 96% shares undersubscribed
Mon, Mar 11, 2019 7:11 AM on IPO/FPO News, Stock Market, Featured,
Greenlife Hydropower Limited will be closing its Initial Public Offering (IPO) issue of 1,800,000 units shares for the locals of Dolkha district from today (Falgun 27, 2075). This IPO issue was opened from Magh 22, 2075.
The hydropower company is issuing 30% i.e. 5,40,000 units for the locals of Gaurishankar Rural Municipality ward no. 7, 40% i.e. 7,20,000 units for the locals of Gaurishankar Rural Municipality ward no. 5, ward no. 6, ward no. 8 and 9 and remaining 30% i.e. 5,40,000 units for the locals of Gaurishankar Village Municipality ward no 1 and 2 and ward no 3 and 4 along with locals of Bigu Village Municipality ward no 4.
As per the issue manager, the issue has received applications from 762 applicants who have applied for a total of 72,103 units. Almost 96% of the issue still remains undersubscribed till yesterday evening. If issue remains undersubscribed till today as well then remaining shares will be issued to the general public later.
Applications can be placed for minimum 20 units and maximum 9,000 units. Application forms can be collected and submitted in the following institutions:
- Greenlife Hydropower Limited
- Century Commercial Bank Limited, Singati
- Century Commercial Bank, Charikot
- Prime Commercial Bank, Jiri
- Prime Commercial Bank, Baiteshwor
Kathmandu Capital Market Limited has been appointed as the issue manager for the IPO issuance. Care Ratings Nepal has assigned Grade 4 rating to the IPO issuance indicating below average fundamentals.
The hydropower company has been operating Khani Khola 1 Hydropower Project in Marbu VDC of Dolakha District. After the issuance to locals, the hydropower company will be issuing 18 lakh unit shares as IPO for the general public as well.
Currently, the paid up capital of the hydropower company stands at Rs 1.44 arba which will reach Rs 1.80 arba after issuance of IPO to both locals and general public. With this, the promoter-public shareholding ratio will be maintained at 80:20.
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