Ngadi Power IPO allotment on Jestha 12; offer was oversubscribed by 89.99 times

The allotment of shares under the Initial Public Offering (IPO) of Ngadi Power Group Limited will be made public on Jestha 12 (Wednesday). Mr. Badri Pyakurel, Merchant Banking head of NIBL Capital Markets Limited said, “All the details regarding IPO allotment will be made public on Jestha 12 at the premises of NIBL Capital Market Limited located at Lazimpat, Kathmandu.” The time of the allotment is yet to be finalized added Mr. Pyakhurel. Ngadi Power Group had floated its Initial Public Offering (IPO) worth Rs 9.73 crore (9, 73,737 lakh units shares) from Chaitra 21, 2072 till Chaitra 25, 2072. The IPO was oversubscribed by 89.99 times till last day. Interested people were required to invest minimum of 50 units of share and they could apply for up to 50,000 unit of share. NIBL Capital Market Limited has been appointed as the issue manager for the IPO. The IPO was oversubscribed by 89.99 times till last day. Around 1 lakhs 56 thousand application forms were received till last day of the IPO. The hydropower company had set aside 19,474 unit shares for its employees and 48,686 unit shares for the 6 mutual fund companies. The mutual fund schemes are Nabil balance fund-1, NMB Sulav Investment Fund – 1, NIBL Sambriddhi Fund – 1,  Laxmi Value Fund -1, Siddhartha Equity Oriented Scheme, and Siddhartha Investment Growth Scheme- 1. The company has set aside 9, 05,577 unit share to the general public. The hydropower company plans to raise Rs 9.73 crore through the offer. After the IPO, the paid up will reach Rs 48.68 crore from the current Rs 38.94 crore which includes 4.86 crore collected from the project-affected area Lamjung. The hydropower has authorized capital of Rs 66.70 crore. After the IPO, the promoter-people of affected area (Lamjung) - public ratio of the company will be 70% to 10% to 20%. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4+”, indicating below average fundamentals to the proposed initial public offering (IPO) of Ngadi Group.