Locals IPO of Balephi Hydropower Limited Closes With 154% Oversubscription

Fri, Mar 11, 2022 10:46 AM on Latest, IPO/FPO News,

Balephi Hydropower Limited has successfully closed its locals IPO issue. The issue concluded on Thursday, Falgun 26, at the end of banking hours.

The company issued 18,27,970 unit IPO shares to the project-affected locals of Sindhupalchowk District from Magh 27, 2078. The early closing date was on Falgun 12. However, the issue was unsubscribed till then and the deadline was extended till Falgun 27, 2078. The company then decided to close the issue one day earlier, i.e. on Falgun 26.

Interested locals could place their applications for a minimum of 10 units and a maximum of 1,00,000 units. Global IME Capital Limited was appointed as the issue manager for the IPO issuance. ICRA Nepal assigned a grading of [ICRANP] IPO Grade 4+ to this initial public offering (IPO) issue, indicating below-average fundamentals.

According to the issue manager Global IME Capital's final reported data, 11,713 applicants applied for a total of 28,25,581 units. Thus, the issue has been oversubscribed 1.54 times.