Appolo Hydropower Limited Closing 94,000 Units IPO Shares to Foreign Nepalese Immigrants From Today

Appolo Hydropower Limited is closing the issue of its IPO for foreign Nepalese Immigrants today, i.e. 14th Falgun, 2082. The issue was opened on the 11th Falgun, 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, will be offered to the general public at a later date.

Of this general public issue, 10%, a total of 94,000 unit shares, have been set aside for Nepalese citizens working abroad, and the issue for this category was openedon 11th falgun.

For the project-affected locals, the minimum application quantity to be applied is 10 units, while the maximum quantity is 47,000 units. And for the Nepalese citizens working abroad, the minimum application quantity to be applied is 10 units, while the maximum quantity is 94,000 units.

According to CDSC, 76,644 applicants have applied for a total of 10,66,180 units. Thus, the issue has already been oversubscribed 11.34 times.

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

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.