Bhugol Energy Development Company IPO Result published today at the premises of NIC Asia Capital Limited, Kathmandu.
Bhugol Energy Development Company issued 13,46,993 units worth Rs 13.46 crores IPO to the general public from Chaitra 23 to 27, 2079.
Only 85,020 of the 544,053 unit shares worth Rs. 5.44 crores that the business had issued to the Dailekh District residents impacted by the project were given to eligible applicants. Thus, 10,88,107 units (20% of the issued capital is reserved for the general public) are added to the remaining 459,033 units of unsubscribed shares of project-affected residents to create a total of 15,47,140 units for the general public.
Bhugol Energy Development Company IPO Result
According to Bhugol Energy Development Company IPO Result, out of the entire 15,47,140 units, 108,811 units have already been released and given to Nepalese residents who are working overseas. Additionally, 19,420 units have been reserved for firm personnel and 71,916 units, or 5% of the total shares offered, have been set aside for mutual funds. 13,46,993 units are left over for sale to the general public.
In total, the promoter owners own 70% of the company’s shares.
11,49,151 eligible candidates submitted applications for the issue, requesting a total of 1,23,64,840 units. There was a 9.18 times oversubscription for the issue.
According to the allocation module, a total of 1,34,699 candidates received a random allocation of 10 units apiece; three lucky applicants also received an additional unit; the remaining 10,14,452 applications received nothing.
Mutual funds received a total of 71,916 units, while the company’s employees received 19,420 units.
1,04,855 out of the 16,65,890 people that applied were rejected.
Bhugol Energy Development Company Limited has had its issuer rating of [ICRANP-IR] B- (pronounced ICRA NP issuer rating B minus) renewed by ICRA Nepal. The timely servicing of financial obligations is deemed to pose a significant risk of default for issuers with this rating.
Bhugol Energy Development Company Limited was established on February 16, 2009, as a private limited company, then on October 31, 2017, it changed its status to become a public limited company to enable public participation. The company runs the 3.75 MW Dwari Khola Small Hydropower Project in Nepal’s Karnali Province’s Dailekh District. The project was developed at a total cost of NPR 734 million (NPR 196 million) and began commercial operations on May 6, 2017, against the stipulated COD of June 30, 2017.