SEBON approves to issue 11 lakh units IPO shares of Panchakanya Mai Hydropower for locals of project affected area

Securities Board of Nepal (SEBON) has approved the Initial Public Offering (IPO) of Panchakanya Mai Hydropower Limited for the project affected area. Panchakanya Mai Hydropower is issuing total of 27.50 lakh units IPO shares. Of the total shares, the hydropower company has set aside 11 lakh units shares for the project affected area and 16.50 lakh unit shares for general public at the face value of Rs 100. Sunrise Capital Limited and Nabil Investment Banking Limited have been assigned as the issue manager. ICRA Nepal has assigned “IPO Grade 4” to the issue, indicating below average fundamentals. The hydropower company has generated 9.98 MW electricity from its project area -Mabu, Maimjhuwa and Sulubung VDC of Illam district. Now the capacity of the hydropower project has been increased to 12 MW. In addition the company’s 6.1 MW Upper Mai (Cascade) Hydropower Project is in final stage of construction.