The IPO allotment of Mailung Khola Jal Vidhyut Company Limited is concluded today at the office of issue manager Siddhartha Capital Limited.
Mailung Khola Jal Vidhyut Company Limited had issued 7,36,286 units worth Rs 7.36 crore as Initial Public Offering to the general public from (Shrawan 14-18, 2078).
Out of the offered 7,36,286 units; 2% of the total offered shares to the general public i.e. 14,726 units have been set aside for the employees of the company and 5% of the total offered shares to the general public i.e. 36,814 units have been set aside for the mutual funds. The remaining 6,84,746 units are for the general public.
The issue had received applications from 20,65,124 valid applicants who had applied for a total of 2,68,40,880 units. The issue was oversubscribed more than 39.20 times.
As per the allotment module, a total of 68,474 applicants were allotted 10 units each via lottery, and Six lucky applicants get 1 unit extra, and the remaining 19,96,650 applicants were returned empty hands.
A total of 14,726 units were allotted to staff of the company and 36,814 units were allotted to mutual funds.
In total 2,843 applicants who applied for 38,680 units were disqualified.
Mailung Khola Jal Vidhdyut Company Limited has already issued 3,68,144 unit shares as part of its Initial Public Offering (IPO) for the locals of the project-affected area of Rasuwa district (1,84,072 units to the most affected local people of Dadagau and Ramche and 1,84,072 units for less affected local people of Raswa District).
The authorized capital of the company is Rs 75 crore. After the IPO issue, its paid-up capital will reach Rs 36.81 crore. After the IPO, the promoter – people of the affected area (Rasuwa district) – the public shareholding structure of the company will be 70% – 10% – 20%. Mailung Khola Jal Vidyut runs a 5 MW Mailung Khola Hydropower project located in Haku VDC, Rasuwa.
Care Ratings Nepal Limited has assigned an issuer rating of ‘CARE-NP D (Is)’ to Mailung Khola Jal Vidhyut Company Limited (MKJV). Issuers with this rating are considered to be in default (failing to repay a loan) or are expected to be in default soon.