People's Power IPO Collects Rs. 1.82 Arba From 16.12 Lakh Applicants Till Last Day; IPO Oversubscribed by More Than 7.96 Times

People's Power Limited (PEPL) had issued 24,67,400 units shares worth Rs. 24.67 crores to the general public as a part of their Initial Public Offering (IPO) from Shrawan 31 till 5th Bhadra, 2079.

Out of the total 24,67,400 units; 2% of the total offered shares i.e. 49,348 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 123,370 units have been set aside for the mutual funds. The remaining 22,94,682 units were for the general public. The paid-up capital of the company will reach to Rs. 63.26 Crores after the IPO issuance. The total promoter and public shareholding ratio of the company will be 51: 49 after the IPO issuance.

According to CDSC, 16,12,322 applicants have applied for a total of 1,82,87,500 units worth Rs. 1.82 Arba till last day. Thus, the IPO was oversubscribed by more than 7.96 times in terms of number of units through ordinary applicants as of closing day.

Prabhu 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 50,000 units.

Peoples Power Limited was incorporated on January 26, 2017. It is promoted by individual promoters for the setting up of a 4.96MW run-of-river Upper Puwa-II hydropower project. The project is being constructed under “BOOT” (Build, Own, Operate and transfer) model and is located in Sakhejung and Maipokhari VDC of Ilam district of Nepal. The expected COD of the project is June 30, 2022.