IPO of Panchakanya Mai Hydropower Sold Out on 1st Day

Jul 18, 2018 Merolagani

The IPO issued by Panchakanya Mai Hydropower (PMHL) has been sold out on the very first day. The company that is issuing 1,001,000 units of shares has been oversubscribed by 300,000 units.

As per the issue manager Sunrise Capital, on the first day, a total of 18,000 applicants have applied for 1,300,000 units of shares. The issue will close early on July 20 and late on July 31.

The company is issuing 1.1 million units of IPO, out of which it has allocated 4 percent i.e. 44,000 units to employees and 5 percent i.e. 55,000 units to the mutual funds. The remaining 1,001,000 units of shares worth Rs 110 million will be issued to the general public.

The interested investors can apply for a minimum of 50 and a maximum of 5,500 units of shares. The investors can apply for the shares from all C-ASBA approved BFIs.

According to the company, the amount accumulated from IPO will be utilized to pay bank liability. The company is planning to pay Rs 40 million to Nabil Bank and Rs 70 million to Everest Bank for the loan taken to construct Upper Mai C Hydropower Project.

Presently, the company has a paid-up capital of Rs 990 million that will reach Rs 1.1 billion after the IPO issuance.



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