SEBON approves to issue 1.64 crore & 2.94 lakh unit IPO shares of Rasuwagadhi Hydropower & Aarambha Microfinance respectively

Securities Board of Nepal (SEBON) has approved the request to issue Initial Public Offering (IPO) of Rasuwagadhi Hydropower Company Limited and Aarambha Microfinance Bittiya Sanstha Limited. Rasuwagadhi Hydropower Co. Ltd.  will be issuing 1.64 crore units shares to the employees of promoter shareholding companies, employees having membership of Employee Provident Fund and employees of lending institutions. Siddhartha Capital, NIBL Capital Markets, Global IME Capital and NCM Merchant Banking Limited are the issue managers for the IPO for Rasuwagadhi Hydropower Company. Rasuwagadhi Hydropower Company Limited is also a subsidiary of Chilime Hydropower Company Limited with 33% shareholding and was incorporated in August 2011 as a public limited company. It has planned to develop Rasuwagadhi Hydroelectric Project having capacity of 111MW in Rasuwa district. Nepal Electricity Authority is another major promoter with 18% shareholding, After this IPO, employees of EPF will have 1% shareholding, contributors of EPF will have 19.50% shareholding and employees of promoter companies will have 3.50% shareholding in the company. The company has set aside 10% for project-affected local people and 15% for general public. Likewise, Aarambha Microfinance company will be floating 2.94 lakh units IPO shares worth Rs 2.94 crore. NIC Asia Capital Limited has been assigned as the issue manager for the IPO. Sidhupalchowk  based, Aarambha Microfinance had initiated micro finances operations in Chaitra 26, 2070. The main vision of the microfinance company is to create opportunity for deprived people by providing resources. It has 15 working districts till now. Aarambha has been providing micro financing services to deprived household residing in hilly regions of Nepal.