Rairang Hydropower IPO collects approx. 40 crores in first 2 days ; Oversubscribed by around 5 times

Rairang Hydropower has collected nearly 40 crores in the first 2 days of the public issue. This is around 4.75 times the amount of shares offered to public. According to the issue manager company, the craze of IPO among general public is high and the data will rise further in the remaining two days. 

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

The IPO started from 14th May and will probably end on May 17th.

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