IPO of CEDB Hydropower Oversubscribed 9.8 Times; Tomorrow is Last Day to Apply

Mon, May 3, 2021 5:15 PM on Latest, IPO/FPO News,

CEDB Hydropower Development Company has floated 25.18 lakh unit shares in IPO to the general public from Baisakh 17, 2078. The hydro developer has appointed Sunrise Capital as the issue manager for the IPO. Since the issue is already oversubscribed, it will close tomorrow, i.e. on Baisakh 21.

After allocating 2% shares for the employees and 5% for mutual funds, the hydro developer has issued 23.41 lakh unit shares to the general individuals.

According to CDSC, 15,00,364 applicants have applied for a total of 2,30,73,200 units. This is the data as of 5: 10 pm today. Thus, the issue is now oversubscribed 9.8 times. The lottery is fixed for 10 units each to lucky applicants.

The company is currently operating 4.40 MW Radhi Hydro Project and 0.18 MW Syage Khola Hydro Project in Lamjung district whereas is currently constructing 3 more projects. The company is also in the process to begin construction of the 45 MW Kasuwa Project in the Solukhumbu district.

After the capitalization of the IPO shares, the promoter-public shareholding structure of the company will be in a ratio of 70:30. After the IPO, it will have a paid-up capital of Rs 83.94 crore, as per the media statement.