Peoples Hydropower Company IPO Collects Rs. 1.49 Arba From 12.68 Lakh Applicants Till Last Day; IPO Oversubscribed by 2.9 Times

Wed, Nov 16, 2022 11:39 AM on Latest, IPO/FPO News,

Peoples Hydropower Company Limited (PHDCL) had issued 56,06,390 units shares worth Rs. 56.06 crores to the general public as a part of their Initial Public Offering (IPO) from 25th Kartik till 29th Kartik, 2079.

Out of the total 56,06,390 units; 3% of the total offered shares i.e. 168,190 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 280,320 units have been set aside for the mutual funds. The remaining 51,57,880 units were for the general public. The company intends to collect Rs 56.06 crores from this IPO.

Sanima Capital was appointed as the issue manager for the IPO issuance. Applications could be placed for a minimum of 10 units and a maximum of 1,00,000 units.

According to issue manager, 12,68,217 applicants have applied for a total of 1,49,99,250 units worth Rs. 1.49 Arba till last day. Thus, the IPO was oversubscribed by 2.9 times in terms of number of units through ordinary applicants as of closing day.

Peoples Hydropower Company Limited (PHDCL) is a Public Limited company, incorporated as on October 9, 2007 as a Peoples Hydropower Company Private Limited and changed to public limited on February 27, 2019. It is promoted by individual promoters from different background and institutional investors for setting up of a 54 MW run-of-river, Super Dordi Hydropower Project Kha (SDHPK) in Lamjung district of Nepal. The project is constructed under BOOT (Build, own, Operate and Transfer) mechanism. As per the Generation License, the project shall be handed, on whatever conditions the project is, to the Government of Nepal after expiry of Generation License, which is 35 years.

Care Rating Nepal Limited has assigned ‘CARE-NP BB’ to the long-term bank facilities and ‘CARE-NP A4’ assigned to the short-term bank facilities to the PHDCL.