Last day to apply for Ghalemdi Hydro IPO; issue already oversubscribed by more than 2 times after receiving more than 48 thousand applicants

Today is the last day to apply for the IPO of Ghalemdi Hydro Limited. The hydropower company has set apart 22,000 unit shares for the employees of the company, 55,000 units for the mutual funds and 15,33,770 units for the general public. It includes 4,55,770 unsubscribed units from the issuance made to the locals of Myagdi district.

As per the issue manager, the IPO as received 48,007 applicants who have applied for a total of 35,90,050 units according to the latest update. The issue has already been oversubscribed by more than 2 times.

The company has urged the interested investors to apply for minimum 50 units shares. The application can be placed for maximum 10,000 units.

Applications can be placed through any financial institutions providing C-ASBA services and also through Meroshare.

ICRA Nepal has assigned Grade 5 rating to the IPO indicating poor fundamentals.

The paid up capital of the company will stand at Rs 55 crore after the issuance of IPO for the general public.

Ghalemdi Hydro Limited has been developing a 4 MW capacity project located at ward no 7, Narchyang VDC of Myagdi district. The total expected cost of the project is Rs 1.15 arba while the per MW cost is Rs 23 crore.