Himalaya Urja’s IPO for locals collects almost Rs 8 Crore; More than 3000 applicants have already applied

Himalaya Urja Bikas Company Limited has been issuing 9.9 Lakhs unit IPO shares to the locals of project affected area of Ramechhap district from Kartik 6^th 2075. Interested investors can apply for the minimum of 50 units shares and at maximum, an investor can apply for 4900 units of IPO shares.

As per the officials at Nabil Investment, the issue has collected almost Rs 8 Crore from more than 3000 applicants. The issue manager also added that the issue will be closed in a couple of days, after the issue is fully subscribed.

The company has been constructing a 12MW hydropower project which has an estimated cost of Rs 3.14 arba where the company has adopted 75:25 debt equity ratio. The Per Megawatt cost of the Company is Rs 16.55 crore.

After the issuance to locals, remaining IPO of worth Rs 14.85 Crore (14.85 Lakhs unit IPO shares) will be issued to the general public.

ICRA Nepal had assigned Grade 4 rating to the IPO issue of Himalayan Urja which indicates below average fundamentals.