Fri, Mar 15, 2019 2:48 PM
Mountain Hydro Company's IPO is going to be allotted on Chaitra 3, 2075 at 10 AM in the head office of Siddhartha Capital.
Mountain Hydro Nepal Limited had opened IPO for 1,816,110 units (including 566,110 units unsubscribed by locals) to the general public from Falgun 23, 2075 to Falgun 28, 2075.
Siddhartha Capital Limited has been appointed as the issue manager for the IPO issuance.
Earlier, the company had issued 12.50 Lakh units (10% of the issue capital) to the locals of the project affected of Panchthar district. Out of the total issue; 750,000 units were for the locals of Phidim district and Hilihang village municipality and the remaining 500,000 units were issued for the locals of other areas of Panchthar district. Only 683,890 units (55% shares) got subscribed by the locals.
Out of the offered 1,816,110 units, 2% of the issue equal to 36,322 units have been allotted to the employees of the company and 40,000 units have been allotted to the mutual funds. The remaining 1,739,788 units are for the general public. Post IPO the promoter - public share structure will stand 80: 20 ratio.
ICRA Nepal has assigned Grade 4 rating to the IPO issue which indicates below average fundamentals.
Mountain Hydro Nepal Limited has been developing 21.6 MW Lower Hewa Khola Hydropower Project located in Panchthar District.
After the allotment of the IPO, the paid-up capital of Mountain Hydro will reach Rs 1.25 arba.