Singati Hydro Energy Limited’s IPO allotment results were announced at 11 a.m. on Friday.
At an 11 a.m. distribution event conducted at the office of Mega Capital’s sales manager in Tripureshwor, Kathmandu, a total of 269,700 people received shares at a rate of 10 lots.
The allocation included 1.565 million people who had applied for the company’s initial public offering. According to the sales manager, these applicants have applied for 22.849 million lots. Just 1.295 million of the qualifying applicants received a response.
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From March 22 to March 25, the company offered 26.97 million shares to the general public in a public offering. Mega Capital also reported that the company’s initial public offering (IPO) was postponed due to a glitch with Mero Share’s online framework. The organization has issued 58,000 shares to workers and 145,000 shares to the mutual investment fund out of the total 2.9 million IPOs available to the public.
The number of applications submitted is 9.16 times higher than the market for the initial public offering. CDS and Clearing Limited announced that a total of 1,623,450 applications for 2,47,20,450 shares were submitted before 5 p.m. on March 26, the last day to apply for the company’s IPO.
In the second step, the company, which had previously sold IPO to project-affected locals, has sold IPO to the general public. From January 19 to March 19, the company sold 1.45 million IPOs in the region.
The company is working on a 25-megawatt plant. The project’s construction cost is expected to be Rs. 220 million. The business has a 100-rupee net worth per share.
After the shares are listed and trading begins on the Nepal Stock Exchange, the company is expected to have an opening range of Rs 100 to Rs 300 in the secondary market.