Barahi Hydropower to Issue 2,50,000 Unit Shares to the Locals of Baglung District from Kartik 04

Barahi Hydropower Public Limited (Barahi) has published an offer letter to issue its IPO to the project affected locals of the Baglung district. The IPO issue for the locals will open on Kartik 04, and close on Kartik 18, 2079. If not subscribed by the early closing date, the issue will close on 4th Mangsir.

2,50,000 unit shares will be issued at a par value of Rs. 100 per share. 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. Locals can apply for a minimum of 10 shares to a maximum of 10,000 shares. After the allotment of the IPO shares, the Promoter - Public share ratio would be 72 : 28.

NIBL Ace Capital has been appointed as the issue manager.

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).

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