Appolo Hydropower Limited's IPO; Deadline Extended for General Public Till Baishakh 02

Appolo Hydropower Limited has extended the issue  of 7,80,200 units of IPO shares at a par value of Rs 100 until i.e., 2nd Baisakh, 2083. The issue was opened for the general public on 26th Chaitra, 2082.

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 20% of the issued capital, i.e., 9,40,000 unit shares, are for the general public.

Of this general public issue, 10%, a total of 94,000 unit shares, were allocated for the Nepalese citizens working abroad. Of the general public issue, 2%, i.e., 18,800 units, have been set aside for the company's employees, and 5% of the total offered shares, i.e., 47,000 units, have been reserved for mutual funds. The remaining 7,80,200 units will be issued for the general public and will be closed on above mentioned date.

Himalayan Capital Limited has been appointed the issue manager for the public offering. Applications could be placed for a minimum of 10 units and a maximum of 94,000 units.

According to CDSC, 22,13,485 applicants have applied for 2,51,63,220 units. Thus, the issue has been oversubscribed 32.25 times.

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.