Asian Hydropower Issuing IPO Shares to the locals of Ilam District and Nepalese Employed Abroad from Mangsir 27
Sun, Dec 4, 2022 10:58 AM on IPO/FPO News, Latest,
Asian Hydropower Limited has published an offer letter to issue Initial Public Offering (IPO) to the project affected locals of Ilam District and Nepalese citizens working abroad.
The IPO issue for the locals and Nepalese citizens working abroad will open on 27th Mangsir, and close on 12th Poush, 2079. Note that for the locals of Ilam District, if the issue is not subscribed by the early closing date, the issue can be extended till 27th Poush. However, the issue will not be extended from the early closing date for Nepalese citizens working abroad.
The issued capital of the company is Rs. 34 Crores of which 10% i.e. 3,40,000 unit shares worth Rs. 3.4 crores have been allocated to project affected locals of Ilam District.
Meanwhile, 24.71% of the company's issued capital i.e. 8,40,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 84,000 unit shares have been allocated for Nepalese citizens working abroad, the issue of which will open at the date mentioned above.
The minimum application quantity to apply for both project-affected locals and Nepalese citizens working abroad is 10 units while the maximum quantity is 20,000 units.
NMB Capital Limited has been appointed as the issue manager.
CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BB (Is)’ assigned to Asian Hydropower Limited. Issuers with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations in Nepal.
Asian Hydropower Ltd. was incorporated as a private limited company on May 05, 2016 and later on July 10, 2019 converted into a public limited company. It is promoted by individual promoters from different backgrounds and institutional investors for setting up of a 6.2 MW run-of-river, Lower Jogmai Hydropower Project (LJHP) in “BOOT” (Build, Own, Operate and Transfer) model and is located at Illam district of Nepal. The project started commercial operations in November 01, 2021. The power project utilizes available head and flow from Jogmai Khola (river). The project has a 132.2 km2 catchment area and 5.70m3/s design discharge at 40% exceedance flow.
