Himalaya Urja Bikas Company IPO oversubscribed by 3.75 times till the closing; applicants apply for more than 50 Lakh units of shares

Tue, Apr 9, 2019 12:42 PM on IPO/FPO News, Latest, Stock Market,
Himalaya U...

Himalaya Urja Bikas Company Limited has issued 1,485,000 units ordinary shares worth Rs.14.85 Crore to the general public from Chaitra 20, 2075. The closing date of the issue was Chaitra 25, 2075.

As per the issue manager Nabil Investment Banking Limited, the issue has received applications from more than 72,000 applicants applying for 5,136,550 units of shares till closing date. The issue has been oversubscribed by 3.75 times.

Out of the offered 1,485,000 units, 3% i.e. 44,550 units have been set aside for the employees of the company and 5% i.e. 74,250 units have been allotted for the mutual funds. The remaining 1,366,200 units were for the general public. The issued capital of the company is Rs.99 Crore and 15% share of issue capital was being offered to general public.

Earlier, the company had completed the allotment of IPO issued to the locals of Ramechhap district. For the offered 9.90 Lakh units, the issue received a total of 7,040 applicants who had applied for almost 12 Lakh units of shares.

The company has been constructing a 19 MW hydropower project in Ramechhap district which has an estimated cost of Rs.3.14 Arba where the company has adopted 75:25 debt equity ratio. The Per Megawatt cost of the Company is Rs.16.55 Crore. The simple payback period of this project is 6.21 years.