United Modi Hydropower IPO allotment for locals concluded on Kartik 19; Small & Big investors allotted 20.12% & 5.20% respectively; to refund IPO excess money from tomorrow

United Modi Hydropower Limited had concluded its IPO allotment on Kartik 19, 2073 at the premises of issue manager NIBL Capital Market Limited located at Lazimpat, Kathmandu United Modi Hydropower had issued 11,50,000 unit shares worth Rs 11.50 crore as part of its Initial Public Offering (IPO) at face value of Rs 100 for the locals of project affected people of Parbat district from Bhadra 26, 2073 till Ashwin 9, 2073. The small investors of the project affected areas are allotted 20.12% whereas big investors are allotted 5.20% of the total investment. Of the total 11, 50,000 unit shares set aside for local resident. 40% or 460,000 units shares, were put aside for retail investors and 60% or 690,000 shares, under “other investor” category. Retail investors applied for a total of 22, 85,990 unit shares and those in the others category demanded 13,262,600 units shares. The retail investors’ side was oversubscribed by 4.97 times, whereas other investors’ side was oversubscribed by 19.22 times. Of the total 11,404 applicants all applicants got the shares. Also, United Modi Hydopower will be refunding excess money collected from investors from Kartik 24, 2073 (tomorrow). The non-allotted investors have to visit their respective collection centers with receipt to collect their refund money through account payee cheque. Letter of authorization along with photocopy of identity card of authorized person must be presented if the investors cannot collect their money themselves. Applicants who had provided their account number of Nepal Investment Bank, Global IME Bank and Deva Bikas Bank will get their refund money directly deposited in their respective accounts. The authorized capital of company is Rs 1 arba 15 crore.  The paid up capital of the company remains at Rs 86.25 crore. After the IPO for the locals of project affected area, the paid up will reach Rs 97.25 crore. After the IPO for the locals of project affected area, the company will be floating 17.25 lakh units shares  worth Rs 17.25 crore i.e. 15% of the paid up capital as a part of IPO for the general public and staff of United Modi hydropower. After the IPO, the promoter-people of affected area (Parbat district) - public ratio of the company will be 75% to 10% to 15%. ICRA Nepal has assigned an “[ICRANP] IPO Grade 3”, indicating average fundamentals to the proposed Initial Public Offering (IPO) of United Modi Hydropower Limited. United Modi Hydropower is developing 10 MW Lower 1 and 10.5 MW Lower 2 Modi Hydropower Project at Parbat district.