IPO Alert: Madhya Bhotekoshi Jalvidyut Company to Issue 1.5 Crore Shares to Locals and Public

Madhya Bhotekoshi Jalvidyut Company Limited has received approval from the regulatory body SEBON to issue its IPO.

Madhya Bhotekoshi Jalavidyut Company Ltd. is a public limited company incorporated on July 29, 2010. It is promoted by NEA (a GoN Corporation) and Chilime Hydropower Company Limited (CHCL, 51% subsidiary of NEA) for setting up 102 MW run-of-river, Middle Bhotekoshi Hydroelectric Project in Sindhupalchowk district of Nepal.

The 1,50,00,000 shares to be issued to the public and the locals in the upcoming IPO will make up for 25% of the company's issued capital. Specifically, 10% of the company's issued capital will be issued to the locals and 15% to the general public.

Global IME Capital is appointed the issue manager for the IPO. SEBON granted approval for the issue today, i.e. Baisakh 05, 2078.

CRNL has assigned ‘CARE-NP IPO Grade 4+’ to the proposed Initial Public Offering (IPO) of Madhya Bhotekoshi Jalavidyut Company Limited (MBJCL). ‘CARE-NP IPO Grade 4+’ indicates Below Average Fundamentals. 

Note that the company has already allotted shares to the depositors of Employee Provident Fund and employees of promoter shareholding company in multiple phases.