IPO of Api power oversubscribed by 13 times till third day; more than 77 thousand forms received

ShareSansar, July 13:

API Power Company Limited has been floating its IPO of 30, 00,000 unit shares from Ashad 24. Today is the last day of IPO. The IPO is oversubscribed by 13 times till third day.

Deputy General Manager of NIBL Capital Market limited, Mr. Kabindra Dhoj Joshi said The IPO  collection reached  Rs 3 arba 65 crore with more than 77 thousand  applicants till third day.

As per Badri Pyakurel, Merchant Banking head of NIBL Capital Markets Limited, the issue might collect a sum of Rs 6 arba till last day.

The issue is managed by NIBL Capital Market Limited and the offer had already closed today. The maximum closing date has been set for Shrawan 7, 2072.

Interested people must apply for a minimum of 50 units of share and they can apply for up to 1,000 unit of share.

The hydropower company has set aside 90,000 unit shares for its employees and 1,50,000 unit shares for the 6 mutual fund companies on pro rata basis. The mutual fund schemes are Nabil mutual fund-25,000 unit shares, NMB mutual fund-25,000 unit shares, NIBL mutual fund-25000 unit shares, and Laxmi mutual fund- 25,000 unit shares, Siddhartha mutual fund-25,000 unit shares, and Citizen Investment Trust-25,000 unit shares.

The hydropower company plans to raise Rs 30 crore through the offer. After the IPO, the paid up will reach Rs 1 arba from the current Rs 70 crore which includes 10 crore collected from the project-affected area of Darchula and Baitadi districts and Rs 60 crore from the total 1,064 promoters of the company.

After the IPO, the promoter-people of affected area (Darchula and Baitadi) - public ratio in the company will be 60% to 10% to 30%.

ICRA Nepal has assigned an “[ICRANP] IPO Grade 3”, indicating average fundamentals to the proposed initial public offering (IPO) of Api Power Company Limited (APCL).

API hydropower had a net loss of Rs 37.27 lakhs in the fiscal year 2070/71 and its net worth per share stood at Rs 97.61.