IPO issuance of Panchakanya Mai Hydropower collects tentative Rs 13 crore on its first day; Issue already oversubscribed on the very first day

Panchakanya Mai Hydropower Limited is issuing 11 lakh unit shares as its Initial Public Offering (IPO) for the general public from Shrawan 01, 2075 i.e.today.

The IPO issue has collected tentative amount of Rs 13 crore on its first day. The total issue is worth Rs 11 crore. Hence, the issue is tentatively oversubscribed by almost 1.18 times on the first day of issue.

The issue will last till Shrawan 04, 2075.

Out of the total offering of 11 lakh units, 4% i.e. 44,000 units has been allocated for the employees of the hydropower company and 5% i.e. 55,000 units has been allocated for mutual funds. The remaining 10,01,000 units is being issued for the general public

Interested applicants can apply for minimum of 50 units and for a maximum of 5,500 units of the shares. Applications can be placed through any of the financial institutions providing ASBA services.

ICRA Nepal has assigned Grade 4 rating to the IPO which indicates below average fundamentals.

Sunrise Capital has been appointed as the issue manager for the IPO.

Panchakanya Mai Hydropower Limited had earlier issued Initial Public Offering (IPO) shares of 11,00,000 units shares worth Rs 11 crore at par value of Rs 100 per unit to the project affected local residents of Sandakpur Rural Municipality and Ilam Municipality from Magh 5, 2074.

The hydropower company has generated 9.98 MW electricity from its project area - Mabu, Maimjhuwa and Sulubung VDC of Illam district. In addition, the company’s 6.1 MW Upper Mai (Cascade) Hydropower Project is in final stage of construction.

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