Ingwa Hydropower Allots IPO, 9 Applicants Provided 11 Units

May 10, 2023 09:35 AM Merolagani

Ingwa Hydropower has allotted a recently issued initial public offering (IPO) on May 10 in the premises of Nepal SBI Merchant Banking, issue manager of the company.

The company issued 1,493,160 units of shares including unsubscribed units from the issue issued to locals of the affected area from April 26-30. Out of total offered units, the company allocated 120,000 units to foreign migrated workers, 29,863 units to employees and 74,658 units to mutual funds. The general public could apply for the remaining 1,268,639 units.

During the issue, a total of 1,203,995 applicants applied for 12,895,490 units of shares. Out of which 4,028 applications were cancelled and remaining 1,199,967 applications were approved.

Given that the issue was oversubscribed, the allotment took place as per Securities Issuance and allotment Guidelines under which 126,863 applicants were provided 10 units of shares. Out of them too, nine applicants were provided additional one units of share through lottery.

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