Ridhihydro Power  to distribute IPO allotment slips, refund from Sunday

ShareSansar, April 3:

A day after allotting the Initial Public Offering (IPO) worth Rs 11.70 crore, Ridhihydro Power Development Company Limited has stated that it will start distributing allotment slips and refund the non-allottees from April 6 i.e. coming Sunday.

Earlier, for the first time in the history of share market of the country, the issue managers have decided to put both groups of investors under the lottery system while allotting the primary shares.

The IPO has been tentatively allotted at 2.23 percent for the small group and 0.94 percent of the big one.

The allotment model was designed in such a way since there were overwhelming applications for the both the retail and the other groups, according to the issue managers Civil Capital and Elite Capital (now Global IME Capital).

Ridi hydropower’s IPO of 11.70 lakh units, was oversubscribed by 81.71 times, according to the final compiled data.

There were 81,477 valid applicants and only 315 invalid ones, according the issue managers.

Ridi had issued the IPO at the face value of Rs 100 per unit on February 16.

The IPO being managed by Civil Capital Market Limited and co-managed by Elite Capital Limited had close on February 20.