Tue, Oct 9, 2018 6:47 AM
The initial public offering (IPO) of Aankhu Khola Hydropower Company for the general public will be floated from today. The issue will last till Ashoj 26 under normal circumstances and under different conditions; the date will be extended till Kartik 6, 2075.
The hydropower company is issuing 13,76,020 unit shares which includes 12 lakh units previously reserved for general public and 1,76,020 units unsubscribed portion issued to the locals.
Out of the total 13,76,020 units, 5% i.e. 68,801 units have been reserved for mutual funds which have already been allotted to NIC Asia Growth Fund (NICGF) and Nabil Equity Fund (NEF) and 2% i.e. 27,520 units is reserved for the employees of the company.
Civil Capital has been appointed as the issue manager for the IPO issuance.
Interested applicants can apply for a minimum of 50 units and for a maximum of 6,000 units of the shares. Applications can be placed through any of the financial institutions providing ASBA services.
Previously, the company had issued 8 lakh unit shares for the locals of Dhading district from Shrawan 17 to Bhadra 15. Out of the issued units, 6,23,980 units were subscribed by the locals despite rainy season and unfavorable transportation services.
ICRA Nepal has assigned Grade 5 rating to the IPO which indicates poor fundamentals of the company.
After the issuance of IPO, the paid-up capital will reach Rs 80 crore with promoter shares standing at Rs 60 crore. The hydropower company is currently operating Ankhu Khola -1 Hydro electric project having installed capacity of 8.4 MW situated at Tripura Sundari Gaun Palika of Dhading District.