Mid-Solu's IPO allotment date confirmed, 12 Lakhs & 92 people to go empty handed.

The Mid Solu Hydropower Company's IPO distribution is set to take place this Wednesday, Ashwin 10, as confirmed by NIC Asia Capital, the issue manager. The IPO distribution is scheduled for 5 p.m. 

Due to an overwhelming response, with a staggering 24.34 times more applications than the available shares, the IPO distribution process will rely on the process of  Lucky Draw. In this IPO offering, a remarkable 13,54,846 individuals have submitted their applications for a total of 1,51,22,250 shares. Regrettably, only 62,118 fortunate individuals will have the privilege of securing shares, leaving 12,92,728 others without a piece of the pie.

The company made a public offering of 621,172 shares, available from Bhadra 29th to Ashwin 2nd, at a price of Rs. 100 per share. Additionally, 14,968 shares were set aside for employees, and 37,420 shares were allocated to the mutual fund, with the remainder being made available to the general public.

The renowned rating agency ICRA Nepal has assigned the IPO an 'ICRA NP Double B Plus Issuer Rating.' This rating signifies that the company's ability to fulfill its financial obligations carries an average level of risk. ICRA Nepal gave this rating on the 31st of Ashad, 2080, and it remains valid until the 29th of Ashad, 2081.

The company has already constructed a 9.5 MW hydroelectric project using the water of Solu Khola located in the Solukhumbu district. This company has also started regular commercial production of electricity from 15 Poush 2079. This hydropower project received permission to generate electricity on 25th Magh 2077.