IPO Allotment: Lucky 1,36,500 Applicants Gets 10 Unit Shares of Bindhyabasini Hydropower Development Company

Fri, Jun 17, 2022 3:52 PM on IPO/FPO News, Latest,

The IPO allotment of Bindhyabasini Hydropower Development Company Limited (BHDCL) is concluded today at the premises of the issue manager Sanima Capital Limited, Naxal, Kathmandu.

Bindhyabasini Hydropower Development Company Limited (BHDCL) had issued 15,00,000 units worth Rs 15 crore as Initial Public Offering to the general public from (Jestha 20-25, 2079). 

Out of the offered 15,00,000 units; 4% of the total offered shares to the general public i.e. 60,000 units have been set aside for the employees of the company and 5% of the total offered shares to the general public i.e. 75,000 units have been set aside for the mutual funds. The remaining 13,65,000 units are for the general public.

The issue had received applications from 17,89,157 valid applicants who had applied for a total of 2,01,39,190 units. The issue was oversubscribed by more than 14.75 times. 

As per the allotment module, a total of 1,36,500 applicants were allotted 10 units each via lottery, and the remaining 16,52,657 applicants were returned empty hands. 

A total of 60,000 units were allotted to the staff of the company and 75,000 units were allotted to mutual funds.

In total 2,738 applicants who applied for 32,540 units were disqualified due to duplicate applications and applicants applied in local issues.

Allotment Module

The IPO result can be accessed by CDSC IPO Result, Sanima Capital, and MeroShare.

Sanima Capital Limited has been appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 1,00,000 units.

10% of the company's issued capital is already allotted to the locals of the project-affected area and now this 15% is for the general public.

IPO Allotment of BHDCL for Locals Concludes

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.

Bindhyabasini Hydropower Development Company Ltd. (BHDCL) is a Public Company, incorporated on December 18, 2000 as a private company and later on, converted to a public limited company in March 13, 2017. BHDCL has two operational run of the river hydropower project; 8.8 MW Rudi Khola-A Hydropower Project (Rudi A) and 6.6 MW Rudi Khola-B Hydropower Project (Rudi B). Rudi A is operational since Mid-March 2019 whereas Rudi B is operational since Mid-February 2020. The project is constructed under BOOT model (Build, Operate, Own, and Transfer).