Mount Everest Power Development Limited Closing IPO Shares to Project-Affected Locals of Solukhumbu From Today

Mount Everest Power Development Limited is closing the issue of 8,60,000 units of Initial Public Offering (IPO) shares for project-affected locals of Solukhumbu District today, 31st Baisakh, 2083. The IPO had opened on 17th Baishakh, 2083.

The issued capital of the company is Rs. 86 Crores. Of this, 30%, i.e., 25,80,000 unit shares, will be issued to the public. Out of the total issue capital, 10%, amounting to 8,60,000 unit shares worth Rs. 8.60 Crores, were allocated to project-affected locals in Solukhumbu District. The remaining 20% of the issued capital, i.e., 17,20,000 unit shares, will be offered to the general public.

Of this general public issue, 10% of 17,20,000, a total of 1,72,000 units, were allotted to Nepalese citizens working abroad.

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

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

CARE Ratings Nepal Limited (CRNL) has reaffirmed Mount Everest Power Development Limited’s issuer and long-term bank facility rating at ‘CARE-NP BB+’, indicating a moderate risk of default, and has assigned a ‘CARE-NP A4+’ rating to its short-term bank facilities.

Mount Everest Power Development Limited (MEPDL), a public limited company incorporated on November 16, 2014, has been operating the 12 MW run-of-river Dudhkunda Khola Hydroelectric Project in Solukhumbu district since July 31, 2024. The project has been developed under the BOOT (Build, Own, Operate and Transfer) model.