HIDCL IPO oversubscribed by 3 times; Rs 6 arba collected from 55 thousand applicants till third day

Hydroelectricity Investment & Development Company Limited (HIDCL) has started floating its Initial Public Offering (IPO) worth Rs 2 arba (2 crore units’ shares) from Kartik 12, 2072. Today is the fourth day of the IPO. The IPO is oversubscribed by 3 times till third day. Bijaya Lal Shrestha, CEO of NCM Merchant Banking Limited said, “The total collection of the IPO was approximately Rs 6 arba till the third day. Around 55 thousand application forms were received.” There is a chance of the IPO issue to be oversubscribed by more than 10 times till the last day, added Shrestha. The hydropower company is issuing a total 2 crore units of ordinary shares at face value of Rs 100. The company has allocated 10 lakhs units shares for the six mutual funds, 4 lakhs units shares for the staff members of HIDCL and 1 crore 86 lakhs units for general public. The offer will close on Kartik 19 at the earliest. The maximum closing date for the offer is Kartik 29, 2072. Interested people must apply for a minimum of 50 units of share and they can apply for up to 50, 00,000 unit of share. The issue managers for the IPO are Citizen Investment Trust, NCM Merchant Banking Limited and NMB Capital Limited. The authorized and issued capital of company is Rs 50 arba and Rs 10 arba respectively. The Paid up capital of the company remains at Rs 8 arba. After the IPO, the paid up will reach Rs 10 arba. The net profit of last fiscal year stands at Rs 43.34 crore. HIDCL projected net profit for the fiscal year 2072/73 is Rs 56.03 crore. ICRA Nepal, it has assigned ‘(ICRANP) IPO Grade 3’ to the IPO of Hydroelectricity Investment and Development Company which means that the offering holds average fundamentals. Interview of CEO of HIDCL Company Analysis of HIDCL Collection Centers Details