Appolo Hydropower Limited Opens IPO for Project-Affected Locals and Foreign Nepalese Immigrants From Today

Appolo Hydropower Limited has opened the issuance of its Initial Public Offering (IPO) from today, 11th Falgun, 2082, offering 4,70,000 units of shares to the project-affected locals of Okhaldhunga, Solukhumbhu, and Ramechhap District, and 94,000 units of shares to Nepalese citizens working abroad.

The IPO issue for the locals of Okhaldhunga, Solukhumbhu, and Ramechhap District will open from today, i.e., from 11th Falgun to 25th Falgun, 2082, with a possible extension till Chaitra 10 if not fully subscribed by the early closing date, while for Nepalese citizens working abroad, the issue will open from today, i.e., from 11th Falgun to 14th Falgun, 2082, and may be extended till Falgun 25 if undersubscribed.

The issued capital of the company is Rs. 47 crores. Of this, 30%, i.e., 14,10,000 unit shares, will be issued to the public. Out of the total issue capital, 10%, which amounts to 4,70,000 unit shares worth Rs. 47 Crores, will be allocated to project-affected locals of Okhaldhunga, Solukhumbhu, and Ramechhap districts. The remaining 10% of the issued capital, i.e., 94,000 unit shares, will be offered to the general public at a later date.

Of this general public issue, 10%, a total of 94,000 unit shares, have been set aside for Nepalese citizens working abroad, and the issue for this category will open on the date mentioned above.

For the project-affected locals, the minimum application quantity to be applied is 10 units, while the maximum quantity is 47,000 units. And for the Nepalese citizens working abroad, the minimum application quantity to be applied is 10 units, while the maximum quantity is 94,000 units.

Himalayan Capital Limited has been appointed the issue manager for the public offering.

CARE Ratings Nepal Limited (CRNL) has reaffirmed Appolo Hydropower Limited’s (AHL) issuer rating at ‘CARE-NP BB- (Is)’ and its long-term bank facilities rating at ‘CARE-NP BB-’, indicating a moderate risk of default in meeting financial obligations in Nepal.

Apolo Hydropower Limited (AHL), initially incorporated as a private limited company, was converted into a public limited company on September 22, 2022. The company is developing a 6 MW run-of-the-river project in Okhaldhunga District, Nepal, under the BOOT (Build, Own, Operate, and Transfer) framework.