Himalaya Urja to Allot IPO on April 16

Apr 12, 2019 Merolagani

Himalaya Urja Bikas Company (HUBCL) is set to allot IPO on April 16 at 1:00 PM, said Prakash Dulal, manager of the company.

The company issued 1,366,200 units of shares from April 3-8. The issue has been oversubscribed by 3.78 times. The company received 72,376 applications seeking 5,159,820 units of shares worth Rs 515.9 million.

According to Dulal, investors have shown keen interest on the IPO as the cost per MW of the hydro project is comparatively low compared to other hydropower companies.

The issue will be allotted as per Securities Issuance and Allotment Guideline. Based on that, most of the applicants will be provided 20 units of shares.

Out of the total offered shares, the company allocated 5 percent i.e. 74,250 units to mutual funds and 2 percent i.e.  44,550 unit shares to the employees.

Upon under-subscription of shares allotted to employees and mutual funds, few applicants are likely being provided maximum of 30 units of shares.

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