Joshi Hydropower Development Company Limited (JHDCL) has successfully concluded its allotment of initial public offer (IPO) to the general public today morning, Tuesday 11th December 2018 (25th Mangsir 2075) by Siddhartha Capital Ltd., its issue manager. The allotment was held amidst a program organized at Siddhartha Capital premises in Narayanchaur, Naxal, Kathmandu at around 10:30 AM. The company had floated 16,90,470 unit shares worth more than Rs 169 million (Rs 16.90 crores) at the face value rate of Rs 100 per unit share, starting from last Sunday 2nd December 2018 (16th Mangsir 2075).
According to the issue manager, the IPO was oversubscribed by 3.7 times with a total of 83,770 applications of which 34 applying for 10,630 unit shares were disqualified due to errors. As per the SEBON directive, all the 83,736 valid applications were initially each allotted a minimum of 10 unit shares, while 76,112 of these applications were each lucky enough to be allotted with additional remaining 10 unit shares through the lottery system.
The hydropower company had set aside 50,714 unit shares (3%) for its employees and 84,523 unit shares (5%) for the existing mutual fund companies. The company floated the remaining 15,55,233 units shares (92%) to the general public alone. The provision of application for the interested public investors was a minimum of 50 and maximum of 800,000 unit shares.
Earlier, the company had issued 3,71,400 unit shares for the locals of affected area of Ilam municipality where 2,42,010 unit shares were unsubscribed that have also been included in this issue.
After the issuance of this IPO, its paid up capital will reach Rs 371.4 million (Rs 37.14 crores).
Earlier, the company had issued 3,71,400 unit shares for the locals of affected area of Ilam municipality where 2,42,010 unit shares were unsubscribed that have also been included in this issue.
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