Himalayan Power Partner to issue 21.30 lakh kitta IPO shares from Ashad 1; Applicants can apply up to 10,000 kitta

Himalayan Power Partner Limited will be issuing 21,30,834 unit shares worth Rs 21.30 crore as part of its Initial Public Offering (IPO) for the general public from Ashad 1, 2074 at face value of Rs 100 per share. The IPO applications will close on Ashad 5, 2074. The maximum closing date for the offer is Ashad 15, 2074. Interested people must apply for a minimum of 50 units of share and they can apply for up to 10,000 units of share. Global IME Capital Limited has been assigned as the issue manager for the IPO issue. The hydropower company has set aside 42,617 unit shares for its employees and 5% or 1,06,542 unit shares for the 10 mutual fund companies. The company has set aside 19,81,675 units shares for the general public. Interested applicants can collect application forms from Global IME Capital, Kathmandu Capital Market, Prabhu Capital Market, designated branches of Global IME Bank Limited and all ASBA-approved banks and their branches in Nepal. The authorized capital of company is Rs 2.70 arba.  The paid up capital of the company remains at Rs 85.23 crore. After the IPO for the general public, the paid up will reach Rs 1.06 arba. After this IPO, the promoter-people of affected area (Lamjung  district) - public shareholding ratio of the company will be 70% to 10% to 20%. ICRA Nepal has assigned “[ICRANP] IPO Grade 4” grading to the upcoming Initial Public Offering (IPO) of Himalayan Power Partner Limited, indicating below average fundamentals. Himalayan Power Partner Limited is developing a 27 MW Dordi ROR hydropower project along Dordi river in Lamjung district. The electricity generated from this project shall be connected to proposed Udipur Hub substation in Lamjung district; some 1.2 km away from the Dordi powerhouse. The company has planned commercial operation date by the end of Jestha 2075.