United IDI-Mardi and R.B. Hydropower Limited is closing the issue of 8,73,910 units (including 2,43,910 units unsubscribed by locals) worth Rs 8.73 crore as Initial Public Offering to the general public from today i.e. Mangsir 7, 2077. This IPO issue was opened since Mangsir 7 and interested investors can apply till 5 PM today.
United Idi-Mardi and R.B. Hydropower's IPO oversubscribed 8.13 times on the third day
Out of the offered 8,73,910 units; 17,478 units have been set aside for the employees of the company and 43,696 units have been set aside for the mutual funds. The remaining 8,12,736 units are for the general public.
Applications can be placed for a minimum of 10 units and maximum 10,000 units.
Global IME Capital Limited has been appointed as the issue manager for the IPO issuance.
After the issuance of 8,73,910 units worth Rs 8.73 crore IPO shares the general public i.e 20.78 % of total capital which will together raise its paid-up capital to Rs 42 crore and the promoter/public ratio will be 75:25.
Care Ratings Nepal Limited has assigned the "CARE-NP BB+ (Is)‟ rating to United Mardi and RB Hydropower Company Limited. Issuers with this rating are considered to have a moderate risk of default regarding timely servicing of financial obligations, in Nepal.
The project is promoted by individual promoters from different background along with two institutional promoters for setting up of a 7MW run-of-river, Upper Mardi Khola Hydropower Project in the Kaski district of Nepal. This project is constructed under the BOOT (Build, Own, Operate, and Transfer) mechanism. After the issue of the proposed IPO of Rs.105 Million, the promoters and public holding ratio is expected to be in the ratio of 75:25.
Click here for the offer letter: