Joshi Hydropower receives warm welcome from the investors; Application for 10.40 lakh unit in the first day

Mon, Dec 3, 2018 7:46 AM on IPO/FPO News, Latest, Stock Market,
Joshi Hydr...

Joshi Hydropower's IPO issuance has received application worth more than Rs 10.40 crore in its 1st day of issuance. More than 12,200 applicants have applied for about 10.40 lakh units in the first day.

Joshi Hydropower Development Company Limited is issuing 16,90,470 units IPO at Rs 100 per share to the general public today. The issue will remain open till Mangsir 19, 2075.

The offering includes 50,714 units for the employees of the company, 84,523 units for the mutual funds and remaining 15,55,233 units for the general public. The issue also includes unsubscribed 2,42,010 units issued for the locals of project affected area.

Siddhartha Capital Limited has been appointed as the issue manager for the IPO issuance.

Interested applicants can apply for minimum 50 units and applications can be placed for maximum 8 lakh units. Applications can be placed through any financial institutions providing C-ASBA facilities or through Meroshare.

ICRA  Nepal has assigned Grade 5 rating to the IPO issuance which indicates poor fundamentals.

After the adjustment of IPO, the paid-up capital of the hydropower company will reach Rs 37.14 crore with the shareholding ratio standing at 51:49 for promoters and ordinary shareholders respectively.