Second phase IPO issue of Madhya Bhotekoshi receives good response from employees of promoter companies and provident fund; issue oversubscribed by 1.82 time and 1.07 times respectively

The second phase of IPO issuance of Madhya Bhotekoshi Hydropower Company was floating 21 lakh units for the employees of the promoter companies and 6 lakh units for the employees of the Provident Fund.

Global IME Capital has been appointed as the issue manager while NIBL Ace Capital, Prabhu Capital, Laxmi Capital, Sanima Capital, Civil Capital and CBIL Capital have been appointed as other co-issue managers.

As per the issue manager, 8,443 applications have been received from employees of the promoter companies with application for 38.14 Lakh units. While 610 applications have been received from employees of provident fund with applications for more than 6.41 Lakh units.

Issue for the employees of promoter companies have been oversubscribed by 1.82 times. Similarly, issue for the employees of provident fund have been oversubscribed by 1.07 times.

CARE Ratings has issued “CARE NP IPO Grade 4+” to the issue indicating Below Average Fundamentals to the issue.

Madhya Bhotekoshi Jalavidyut Company owns 102 MW Madhya Bhotekoshi Hydropower Project in Bhotekoshi River, Sindhupalchok. The project is scheduled to start commercial operation in June 2019.

Previously Madhya Bhotekoshi had floated 1.17 crore units for the employees registered in EPF which received applications for more than 3.63 crore units.

After the allotment of first and second phase of IPO issuance, the hydropower company will be floating its shares for the locals of Sindhupalchok district.