Applications for the Initial Public Offering (IPO) of Kalanga Hydro Limited are closing today, as the issue reserved for project-affected local residents has already been oversubscribed.
The company announced that the application process will be officially closed after banking hours on Chaitra 24 due to excess demand within the allocated period. Out of its total issued capital of Rs. 1.40 billion, Kalanga Hydro has allocated 35% (Rs. 490 million), equivalent to 4.9 million shares, for the general public.
From this, 10% of the issued capital—worth Rs. 140 million or 1.4 million shares—was specifically set aside for local residents of project-affected areas. The IPO had opened for them on Chaitra 10, but due to overwhelming demand before the deadline, the issuance is being closed early.
Among the shares allocated to locals:
- 910,000 shares were reserved for residents of highly affected areas
- 490,000 shares were allocated for residents of affected areas
The highly affected areas include specific wards in Bajhang, Baitadi, and Darchula districts of Sudurpashchim Province. Meanwhile, other wards within these municipalities fall under the “affected areas” category.
Local residents were allowed to apply for a minimum of 10 shares and a maximum of 20,000 shares.
The issue manager for the IPO is Sanima Capital Limited.
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