SEBON approves to issue 3.90 lakh units IPO shares of Nepal Hydro

Securities Board of Nepal (SEBON) has approved the Initial Public Offering (IPO) of Nepal Hydro Developer Limited. Nepal Hydro is coming out with 3,90,000 units IPO shares worth Rs 3.90 crore at par value of Rs 100 per unit to the general public (including its staffs). NMB Capital Limited has been assigned as the issue manager. ICRA Nepal has assigned “IPO Grade 4” to the issue, indicating below average fundamentals. Nepal Hydro Developer Limited has developed a 3.52 MW Charanwati Hydroelectic project in Dolakha district with an annual energy generation of 37.29 GWhr. It had earlier floated 2,60,000 units shares worth Rs 2.60 crore as part of its IPO for the locals of Dolakha district on Mangsir 26, 2073. After this IPO, its paid up capital will reach Rs 26 crore with promoter – people of the affected area (Dolakha district) – public shareholding structure at 75% – 10% – 15%.