Ridi starts distributing IPO certificates, likely to debut at Rs 305 by June 10

ShareSansar, June 1:

Ridi Hydropower Development Company Limited has started distributing certificates for its Initial Public Offering (IPO) worth Rs 11.70 crore to the shareholders from today.
 
According to the issue managers, Civil Capital Market Limited and Global IME Capital Limited, applicants can collect the certificates from the very centers where they have applied for the IPO.
 
Ridi’s company secretary Alok KC further informed that since the company should be able to distribute most of the certificates within this week, and that they are also planning to apply for listing today itself, they hope to get the primary shares listed by Tuesday of last week of Jestha  (June 10).

The Ridi’s primary scrip is expected to debut at Rs 338 per share though the opening price brand is Rs 101.87 to Rs 305.10.

Executive Director of the company Guru Prasad Neupane claimed that there is high demand for Ridi’s share in that the company is expected to make a net profit of Rs 6.5 crore in the current fiscal year itself, which can entail a bonus share of 10 percent.

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 due to overwhelming response to the IPO under both the groups.

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

Ridi hydropower’s IPO of 11.70 lakh units, was oversubscribed by 81.71 times.

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 Global IME Capital Limited had close on February 20.