IPO Allotment of Dordi Khola Jal Bidyut Company Ltd (DORDI) Concludes: 2,01,986 Applicants Celebrate; 12,68,797 Return Empty-Handed

The IPO allotment of Dordi Khola Jal Bidyut Company Ltd (DORDI) is concluded today at the premises of the issue manager Siddhartha Capital Limited, Naxal, Kathmandu.

Dordi Khola Jal Bidyut Company Ltd (DORDI) had issued 21,95,509 units worth Rs 21.95 crore as Initial Public Offering to the general public from (Jestha 26-31, 2079). 

Out of total of 21,95,509 unit shares; 3% of the issue worth 65,865 shares were allocated to employees of the company and 5% worth 1,09,775 shares for mutual funds. The remaining 20,19,869 shares were purely for the individual public.

The issue had received applications from 14,70,783 valid applicants who had applied for a total of 1,63,85,940 units. The issue was oversubscribed by more than 8.11 times. 

As per the allotment module, a total of 2,01,986 applicants were allotted 10 units each via lottery and further 9 lucky applicants get 1 unit extra and the remaining 12,68,797 applicants were returned empty hands. 

A total of 65,865 units were allotted to the staff of the company and 1,09,775 units were allotted to mutual funds.

In total 882 applicants who applied for 11,170 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, Siddhartha Capital, and MeroShare.

Earlier, the company had issued 10,54,260 unit IPO shares which is 10% of the issued capital of Rs 105.42 crore to the project-affected locals of Lamjung District from 13th Baisakh to Jestha 05, 2079. However, only 7,56,420 units or 71.75 % of the total issue have been allotted to the valid applicants.

Thus, the remaining 2,97,840 units unsubscribed shares are added to 18,97,669 units (which is 18% shares reserved for the general public) to make a total of 21,95,509 units for the general public. Overall, 72% of shares are of the promoter shareholders in the company. 

Siddhartha 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 17,00,000 units.

IPO Allotment for DORDI Concludes

lCRA Nepal Ltd has assigned a double B minus issuer rating [ICRANP-IR] BB- to the company. Companies with this grading are considered to have a moderate risk of default regarding timely servicing of financial obligations.

Dordi Khola Jal Bidyut Company Ltd is a public company incorporated on Falgun 14, 2066 (February 26, 2010) as per Companies Act 2063, Nepal with the objective to develop and invest in hydropower projects. It is currently developing a 12 MW Dordi-1 Hydroelectric Project in Lamjung District and owns its generation license. The project is located in Dordi Gaupalika-6, Lamjung. Its registered office is located at Kathmandu -11, Bluestar Complex, Tripureshor. Lamjung Electricity Development Company Limited (LEDCO) holds 84.95% ownership in the company.