IPO Allotment of People's Power Limited Concludes: 2,29,468 Applicants Celebrate; 1,321,945 Applicants Return Empty-Handed

Sun, Aug 28, 2022 2:36 PM on IPO/FPO Result News, Latest,

The IPO allotment of People's Power Limited (PEPL) is concluded today at the premises of Prabhu Capital Limited, Kathmandu.

People's Power Limited (PEPL) had issued 24,67,400 units worth Rs 24.67 crore as Initial Public Offering to the general public (Shrawan 31- Bhadra 5, 2079). 

Out of the total 24,67,400 units; 2% of the total offered shares i.e. 49,348 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 123,370 units have been set aside for the mutual funds. The remaining 22,94,682 units are for the general public. The paid-up capital of the company will reach Rs. 63.26 Crores after the IPO issuance. The total promoter and public shareholding ratio of the company will be 51: 49 after the IPO issuance. 

The issue had received applications from 1,551,413 valid applicants who had applied for a total of 16,910,620 units. The issue was oversubscribed by more than 7.37 times. 

As per the allotment module, a total of 2,29,468 applicants were allotted 10 units each via lottery, and lucky 2 applicants were allotted 1 unit extra and the remaining 1,321,945 applicants were returned with empty hands. 

A total of 49,348 units were allotted to employees and 123,370 units were allotted to mutual funds.

In total 5,112 applicants who applied for 60,000 units were disqualified due to duplicate applications and applicants applied in local issue. 

Allotment Module:

The IPO result can be accessed by CDSC IPO ResultMeroShare, and Prabhu Capital

CARE Ratings Nepal Limited (CRNL) has reaffirmed the rating of ‘CARE-NP BB (Is)’ assigned to Peoples Power Limited (PEPL). Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.

Peoples Power Limited was incorporated on January 26, 2017. It is promoted by individual promoters for the setting up of a 4.96MW run-of-river Upper Puwa-II hydropower project. The project is being constructed under “BOOT” (Build, Own, Operate and transfer) model and is located in Sakhejung and Maipokhari VDC of Ilam district of Nepal. The expected COD of the project is June 30, 2022.