The Initial Public Offering (IPO) of Madhya Bhotkoshi Jalavidyut Company Limited has been announced.

It has been learnt that the allotment of the issue will take place at premises of the issue manager of the company -- Global IME Capital -- on Friday morning.

The Hydropower company had opened its IPO for public subscription of 9,000,000 unit shares worth NRS 90 crore from October 6-11.

Among the 9,000,000 unit shares, 4% of the shares i.e. 3,60,000 units were set aside for the employees of the company and 5% for mutual funds.

The remaining 81,90,000 units were for the general public.

According to Global IME Capital, 2,233,428 applicants have been received for a total of 34,360,010 units; which is 4.19 times more that the issued quantity.