Ridi hydropower’s IPO to debut on July 4 at Rs 338

Ridi Hydropower Development Company Limited has signed the listing agreement with Nepal Stock Exchange Limited today. It means that it will debut at the trading floor on July 4.
 
Ridi’s company secretary Alok KC said that though the company planned to finished distributing most of the certificates within by June 6, the certificate distribution took longer than they expected. The Ridi’s primary scrip is expected to debut at Rs 338 per share though the opening price brand is Rs 101.87 to Rs 305.10.

Executive Director of the company Guru Prasad Neupane claimed that there is high demand for Ridi’s share in that the company is expected to make a net profit of Rs 6.5 crore in the current fiscal year itself, which can entail a bonus share of 10 percent.

For the first time in the history of share market of the country, the issue managers have decided to put both groups of investors under the lottery system while allotting the primary shares due to overwhelming response to the IPO under both the groups.

The IPO has been tentatively allotted at 2.23 percent for the small group and 0.94 percent of the big one. Ridi hydropower’s IPO of 11.70 lakh units, was oversubscribed by 81.71 times. Ridi had issued the IPO at the face value of Rs 100 per unit on February 16.

The IPO being managed by Civil Capital Market Limited and co-managed by Global IME Capital Limited had close on February 20.