The IPO of Mid Solu Hydropower Company will be distributed Wednesday.
According to the sales manager NIC Asia Capital, the schedule for distribution of the IPO has been fixed at 5 pm on Wednesday. On the other hand, Mid Solu’s IPO will also have to depend on luck.
Because there are 24.34 times more applications than the demand. Therefore, the IPO will be distributed through round robin. In this, 13 lakh 54 thousand 846 people have applied for a total of 1 crore 51 lakh 22 thousand 250 shares. In which only 62 thousand 118 people will get shares. The remaining 12 lakh 92 thousand 728 people will be empty handed.
The company had issued 6 Lakh 21 thousand 172 shares to the general public from Bhadra 29th to Aswin 2nd at the rate of Rs. 100 per share. The company reserved 14 thousand 968 shares for the employees and 37 thousand 420 shares for the mutual fund and sold the remaining shares to the general public.
Rating agency Icra Nepal has given this IPO ‘Icra NP Double B Plus Issuer Rating’. Which indicates that there is an average risk in the ability of the company to carry its financial obligations. Ikra Nepal gave this rating on 31st June 2080. This rating will be valid till 29th June 2081.
The company has already constructed a 9.5 MW hydroelectric project using the water of Solu Khela located in Solukhumbu district. This company has also started regular commercial production of electricity from 15 January 2079. This hydropower project received permission to generate electricity on 25th January 2077.