Beni Hydropower Project Limited IPO Allotment Concludes: Lucky 8,63,200 Applicants Allotted 10 Units Each via Lottery System

Beni Hydropower Project Limited's IPO allotment was concluded today at the premises of the issue manager, NMB Capital Limited.   The company had issued 8,63,200 units as an Initial Public Offering (IPO) to the general public from 22nd Bhadra, 2083, to 26th Bhadra, 2083. The company's issued capital is Rs 1.04 arba. Of this, 20%, i.e., 20,80,000 unit shares, were issued to the public. Out of the total issue capital, 10%, amounting to 10,40,000 unit shares worth Rs. 10.40 Crores, were allocated to project-affected locals in Solukhumbu District. The remaining 10% of the issued capital, i.e., 10,40,000 unit shares, were for the general public. Of this general public issue, 10% a total of 1,04,000 unit shares, were allotted to Nepalese citizens working abroad. Of the general public issue, 2%, i.e., 20,800 units, have been set aside for the company's employees, and 5% of the total offered shares, i.e., 52,000 units, have been reserved for mutual funds. The remaining 8,63,200 units were issued to the general public, and the allotment concluded today. The issue received a total of 2,305,233 valid applications for 25,631,440 units. Meanwhile, 46,327 applications for 5,69,470 units were disqualified. As per the allotment results 86,320 applicants were allotted 10 units each through a lottery system. Allotment Module:   The IPO result can be accessed by  CDSC IPO Result, MeroShare, and NMB Capital Limited. ICRA Nepal has upgraded the issuer rating of Beni Hydropower Project Limited (BEPL/the company) to [ICRANP-IR] BB+ (pronounced ICRA NP Issuer Rating Double B Plus) from [ICRANP-IR] BB (pronounced ICRA NP Issuer Rating Double B). Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations Beni Hydropower Ltd is a hydropower development company founded in 2016. The company is developing the Upper Solu Khola Hydropower Project, a run-of-river type project with a licensed capacity of 18 MW. The project is located in Beni (Salleri), Solukhumbu District, Nepal. The project is currently under construction.