IPO for General Public: Beni Hydropower Project Limited To Issue 8,63,200 Units IPO Shares from Today

Beni Hydropower Project Limited has officially opened its Initial Public Offering (IPO) to the general public from today, i.e., 22nd Bhadra, 2083, issuing 8,63,200 shares at a face value of Rs. 100 per unit. The IPO was initially scheduled to close on 25th Bhadra, 2083, with a provision to extend the deadline to 5th Ashwin, 2083, if undersubscribed.

The company's issued capital is Rs. 1.04 arba. Of this, 20%, i.e., 20,80,000 unit shares, were issued to the public. Out of the total issue capital, 10%, which amounts to 10,40,000 unit shares worth Rs. 10.40 Crores, were allotted to project-affected locals of Solukhumbhu district. The remaining 10% of the issued capital, i.e., 10,40,000 unit shares, is for the general public. Of this general public issue, 10%, a total of 1,04,000 unit shares, were allotted to Nepalese citizens working abroad.

Of the general public issue, 2%, i.e., 20,800 units, have been set aside for the company's employees, and 5% of the total offered shares, i.e., 52,000 units, have been reserved for mutual funds. The remaining 8,63,200 units will be issued to the general public and will open from today.

NMB Capital Limited has been appointed the issue manager for the public offering. Applications could be placed for a minimum of 10 units and a maximum of 10,000 units.

ICRA Nepal has upgraded the issuer rating of Beni Hydropower Project Limited (BEPL/the company) to [ICRANP-IR] BB+ (pronounced ICRA NP Issuer Rating Double B Plus) from [ICRANP-IR] BB (pronounced ICRA NP Issuer Rating Double B). Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations

Beni Hydropower Ltd is a hydropower development company founded in 2016. The company is developing the Upper Solu Khola Hydropower Project, a run-of-river type project with a licensed capacity of 18 MW. The project is located in Beni (Salleri), Solukhumbu District, Nepal. The project is currently under construction.