Joshi Hydropower's IPO issue closes today; Issue already oversubscribed by 2.46 times

Today is the last day to apply for the IPO of Joshi Hydropower Development Company Limited.

Joshi Hydropower Development Company has been issuing 16,90,470 units IPO at Rs 100 per share to the general public.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.

The IPO issue has already received 56,617 applications for 41,75,380 units making the issue to be oversubscribed by 2.46 times.

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.