Mabilung Energy Limited has completed the allocation of its Initial Public Offering (IPO). The share issuance and sales manager, Laxmi Sunrise Capital, distributed the shares on Sunday.

A total of 124,890 applicants received 10 shares each. The IPO was open to the general public from August 11 to 14. The company issued 1,248,904 shares worth Rs 124,890,400 for the general public, while 225,871 applicants applied for 24,512,530 shares.

Out of the applications received, 2,197,582 shares were approved, according to the sales manager. Investors can check the IPO results on the “Mero Share” and CDSC websites. Earlier, the company had opened shares in the first phase for local residents of the project area and Nepalis working abroad.

The company had received approval from the Securities Board of Nepal to issue 1,890,530 shares worth Rs 189,053,000, representing 48.99 percent of its total capital of Rs 385,824,000.

For the IPO, ICRA Nepal assigned Mabilung Energy an issuer rating of “ICRA NP Issuer Rating Single B Plus,” indicating an average risk in the company’s ability to meet its obligations.

The company operates the 4.95 MW Upper Piluwakhola-3 Hydropower Project, with a total estimated cost of Rs 113,600,000.