IPO for General Public: Ridge Line Energy Limited to Issue 11,80,260 Units IPO Shares from Magh 28

Ridge Line Energy Limited will open its Initial Public Offering (IPO) to the general public on 28 Magh, 2082. The company is issuing 11,80,260 unit shares at a par value of Rs. 100 per units. The early closing date for the IPO is the 4th Falgun, 2082, but if the issue is not fully subscribed by then, the deadline will be extended to the 13th Falgun, 2082.

The issued capital of the company is Rs. 1.18 Arba. Of this, 22%, i.e., 26,07,000 unit shares, will be issued to the public. Out of the total issue capital, 10%, which amounts to 11,85,000 unit shares worth Rs. 11.85 Crores, were already allotted to the project-affected locals of Gorkha and Lamjung districts. Of this general public issue, 10% of 14,22,000, a total of 1,42,200 unit shares, were already allocated to the Nepalese citizens working abroad.

Of the general public issue, 2%, i.e., 28,440 units, have been set aside for the company's employees, and 5% of the total offered shares, i.e., 71,100 units, have been reserved for mutual funds. The remaining 11,80,260 units will be issued for the general public and will be opened on the 28th Magh.

Prabhu Capital Limited has been appointed as the issue manager for the IPO issuance. Applications could be placed for a minimum of 10 units and a maximum of 50,000 units.

CARE Ratings Nepal Limited (CRNL) has upgraded Ridge Line Energy Limited’s issuer rating to CARE-NP BB (Is) from CARE-NP BB- (Is), indicating a moderate risk of default. Similarly, the rating for the company’s long-term bank facilities has also been upgraded to CARE-NP BB from CARE-NP BB-.

Ridge Line Energy Limited (RIDGE), incorporated on December 28, 2017, as a public limited company, has been established by individual promoters to develop the 9.05 MW Super Chepe Hydropower Project (SCHP). The project is being executed under the “BOOT” (Build, Own, Operate and Transfer) model and is situated in Ajirkot Rural Municipality of Gorkha District, Nepal.