Last day to apply for 21.30 lakh kitta IPO shares of Himalayan Power Partner; issue oversubscribed by 19.13 times till third day

Himalayan Power Partner Limited has been issuing 21,30,834 unit shares worth Rs 21.30 crore as part of its Initial Public Offering (IPO) from Ashad 1, 2074 and today (Ashad 5, 2074) is the last day to apply for the same. The issue has been oversubscribed by 19.13 times till the third day. As per an official of Global IME Capital, the issue manager for the IPO, the issue has collected Rs 3.79 arba from 73,817 applications so far till third day. The IPO collected Rs 1.81 arba from ASBA applications and Rs 47.84 crore from regular applications on the third day. Around 28,094 applicants applied from ASBA and 11,406 applicants applied for the IPO using regular application forms. As per the statements from both SEBON and Global IME Capital, new allotment guideline will be applicable if the allotment is done after Asadh 2074. If this applies, every applicant will be reserved a minimum of 10 units each. Interested people must apply for a minimum of 50 units of share and they can apply for up to 10,000 units of share. The hydropower company has set aside 42,617 unit shares for its employees and 5% or 1,06,542 unit shares for the 10 mutual fund companies. The company has set aside 19,81,675 units shares for the general public. Interested applicants can collect application forms from Global IME Capital, Kathmandu Capital Market, Prabhu Capital Market, designated branches of Global IME Bank Limited and all ASBA-approved banks and their branches in Nepal. The authorized capital of company is Rs 2.70 arba.  The paid up capital of the company remains at Rs 85.23 crore. After the IPO for the general public, the paid up will reach Rs 1.06 arba. After this IPO, the promoter-people of affected area (Lamjung  district) – public shareholding ratio of the company will be 70% to 10% to 20%. ICRA Nepal has assigned “[ICRANP] IPO Grade 4” grading to the upcoming Initial Public Offering (IPO) of Himalayan Power Partner Limited, indicating below average fundamentals. Himalayan Power Partner Limited is developing a 27 MW Dordi ROR hydropower project along Dordi river in Lamjung district. The electricity generated from this project shall be connected to proposed Udipur Hub substation in Lamjung district; some 1.2 km away from the Dordi powerhouse. The company has planned commercial operation date by the end of Jestha 2075.