Rairang Hydropower IPO collects approx Rs 1.38 arba ; Oversubscribed by around 18 times

Rairang Hydropower has collected nearly 1.38 arba from the public issue. This is around 18 times the amount of shares offered to public. Nearly 1,77 lakh applicants had applied for the IPO. The allotment will now go under lottery. 

Rairang had floated an IPO of 8.40 lakh units. Out of the total issue units, 33,600 had been set aside for employees whereas 42000 units for mutual funds. Thus, 7,64,400 units were available for general public. The issued amount was 15% of the total capital. NIBL ACE Capital had been appointed as the issue manager for the issue.  

The IPO started from 14th May and ended on May 17th.

Rairang Hydropower Development company had previously issued shares, amounting 10% of the capital, to the locals of panchthar and taplejung district.