Buddhabhumi to allot IPO on Friday; 96% of Applicants to remain empty-handed

Oct 06, 2021 03:19 PM Merolagani

Buddhabhumi Nepal Hydropower is set to allot the initial public offering issued to the general public on Friday, October 8.

As per Civil Capital, the issue manager of the company, it will allot the IPO on Friday after completing pre-allotment today, Wednesday.

The company issued 800,000 units of primary shares worth Rs 80 million at a face value of Rs 100 per unit from September 27-30.

Out of the total offered units, the company allocated 2 percent i.e 16,000 units to employees and 5 percent i.e. 40,000 to mutual funds. The general public could apply for the remaining 744,000 units of shares.

As per the latest data, a total of 2,111,819 applicants have applied for 26,531,040 units of shares. The issue has been oversubscribed by 35.66 times.

Given that the issue is oversubscribed, the allotment will be taken place according to Securities Issuance and Allotment Guidelines. On the basis of this, only 74,400 applicants will be provided 10 units of shares.

Meanwhile, 96 percent of applicants i.e. more than 2.03 million applicants will be left empty-handed.

 

 

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