Ngadi Power IPO collects Rs 75 crore from 15,500 applicants on the first day; oversubscribed by 7.70 times

Ngadi Power Group Limited has been floating its Initial Public Offering (IPO) worth Rs 9.73 crore (9,73,737 lakh units shares) from Chaitra 21,2072. Today is the second day of the IPO. The IPO has been oversubscribed by 7.70 times on the first day (yesterday). Mr.Badri Pyakurel , Merchant Banking Head of NIBL Capital Markets Limited said , “The total collection of the IPO is approximately Rs 75 crore till yesterday. Around 15,500 application forms were received.” The offer will close on Chaitra 24. The maximum closing date for the offer is Baisakh 5, 2073. Interested people must apply for a minimum of 50 units of share and they can apply for up to 50,000 unit of share. The issue manager for the IPO is NIBL Capital Market Limited. The hydropower company has 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.