Apollo Hydropower Limited is closing its Initial Public Offering (IPO) for the general public today, which was opened on Chaitra 26.

The company issued 780,200 units of ordinary shares worth Rs. 78.02 million at a par value of Rs. 100 per share. Investors were allowed to apply for a minimum of 10 units and a maximum of 94,000 units.

The issue has witnessed overwhelming demand. According to CDSC data, as of Tuesday evening, a total of 2,623,820 applicants have applied for 29,904,950 units worth approximately Rs. 2.99 billion.

This indicates an oversubscription of about 38.32 times compared to the total shares offered.

The IPO issuance and sales manager is Himalayan Capital Limited. CARE Ratings Nepal has assigned the company a ‘CARE-NP BB Minus’ issuer rating, indicating a moderate level of risk in meeting financial obligations.

Interested investors were able to apply through C-ASBA approved banks and financial institutions or via the ‘Mero Share’ online system operated by CDSC.