Panchakanya Mai Hydropower allotted 11 lakh unit IPO shares to the project affected locals

Panchakanya Mai Hydropower Limited has allotted IPO shares to the project affected locals. As per the notice published in newspaper today, 11 lakh unit shares have been allotted to the 15,478 applicants who had applied for 52.19 lakh unit shares in total. The application was open from Magh 5 to Magh 23, 2074. Sunrise Capital Limited and Nabil Investment Banking Limited have been assigned as the issue manager. Securities Board of Nepal (SEBON) had already provided approval on Mangsir 6, 2074. 6,335 applicants from Sandakpur rural municipality who had applied for 20-130 unit shares were fully allotted and from 3,269 applicants who had applied for 150-5,500 unit shares 2,382 applicants were allotted 140 units and the rest were allotted 130 units. Similarly, from 9,143 applicants applying for 20-50 units from Ilam municipality were allotted fully and from 6,137 applicants applying for 60-5,500 units, 624 applicants were allotted 60 units and the remaining were allotted 50 unit shares. Panchakanya Mai Hydropower will be issuing total of 27.50 lakh units IPO shares to general public. Of the total shares, the hydropower company has set aside 11 lakh units shares for the project affected area and 16.50 lakh unit shares for general public at the face value of Rs 100. ICRA Nepal has assigned “IPO Grade 4” to the issue, indicating below average fundamentals. The hydropower company has generated 9.98 MW electricity from its project area -Mabu, Maimjhuwa and Sulubung VDC of Illam district. Now the capacity of the hydropower project has been increased to 12 MW. In addition the company’s 6.1 MW Upper Mai (Cascade) Hydropower Project is in final stage of construction.