Barahi Hydropower IPO for Locals of Baglung District Extended Till Kartik 25

Fri, Nov 4, 2022 10:08 AM on Latest, IPO/FPO News,

Barahi Hydropower Public Limited (Barahi) has extended its deadline for its IPO issue of 2,50,000 units shares for the project-affected locals of Baglung district till 25th Kartik, 2079.

The company has been issuing 2,50,000 shares at a par value of Rs. 100 per share for the project affected locals from Kartik 04 and was supposed to conclude today i.e Kartik 18. However, due to the undersubscription, the deadline has been extended till 25th Kartik, 2079. This is 10% of the company's issued capital of Rs. 25 crore. If the local's issue is not subscribed fully, the remnant shares will be issued along with the allocated quantity for the public issue. After the allotment of the IPO shares, the Promoter - Public share ratio would be 72 : 28.

NIBL Ace Capital Limited is appointed as the issue manager for the IPO issuance. Locals can apply for a minimum of 10 shares to a maximum of 10,000 shares.

ICRA Nepal has assigned an issuer rating of [ICRANP-IR] B- (pronounced ICRA NP issuer rating B minus) to Barahi Hydropower Public Limited (BHPL/the company). Issuers with this rating are considered to have high risk of default regarding timely servicing of financial obligations.

Incorporated in April 2006, as a private limited company, Barahi was converted to a public limited company in March 2015, to facilitate public participation. The company is operating a 1.5-MW Theule Khola HEP, in Baglung district, Gandaki Province of Nepal since July 8, 2018; five years later than the required commercial operation date (RCOD) of May 10, 2013, at a cost of NPR 374 million funded in a debt-to-equity mix of ~52:48. The project is a run of the river (R-o-R) type and has been developed at 40% probability of exceedance (Q40).