IPO of Madhya Bhotekoshi Jalavidyut Company Oversubscribed Over 1.08 Times on First Day Itself

Madhya Bhotekoshi Jalavidyut Company Limited has opened the IPO issue for 90,00,000 unit shares worth Rs 90 crore from today, i.e. Ashwin 20. The early closing date of this issue is on Ashwin 25. If the issue is not fully subscribed till Ashwin 25, the deadline can be extended up to Kartik 3, 2078.

Out of the offered 90,00,000 units; 4% of the total offered shares to the general public i.e. 3,60,000 units have been set aside for the employees of the company and 5% of the total offered shares to the general public i.e. 4,50,000 units for mutual funds. The remaining 81,90,000 units are for the general public.

Global IME Capital Limited has been appointed as the issue manager for the IPO issuance. According to the issue manager, 552,167 applicants have applied for a total of 8,891,970 units. Thus, the issue has been oversubscribed over 1.08 times on the first day already.

Applications can be placed for a minimum of 10 units and a maximum of 10,000 units.

Note that the company has already allotted shares to the employees/ members of Employee Provident Fund and employees of promoter shareholding company in multiple phases. The issue for locals has also been completed. Thus, applicants allotted with shares in all of the aforementioned issues are not eligible to apply for the public IPO. If applicants are found to do so, the application will be automatically nullified.

Madhya Bhotekoshi Jalavidyut Company Ltd. is a public limited company incorporated on July 29, 2010. It is promoted by NEA (a GoN Corporation) and Chilime Hydropower Company Limited (CHCL, 51% subsidiary of NEA) for setting up 102 MW run-of-river, Middle Bhotekoshi Hydroelectric Project in Sindhupalchowk district of Nepal.