IPO Issue of Bhujung Hydropower Limited Closing Today; Oversubscribed 30.04 Times So Far

Bhujung Hydropower Limited is closing the issue of 8,30,000 units of IPO shares at a par value of Rs 100 from today, the 15th Magh, 2082. The issue was opened for the general public on 12th Magh, 2082.

The issued capital of the company is Rs. 1 Arba. Of this, 20%, i.e., 20,00,000 unit shares, will be issued to the public. Out of the total issue capital, 10%, which amounts to 10,00,000 unit shares worth Rs. 10 Crores, were already issued to project-affected locals of Lamjung districts. Of this general public issue, 10%, a total of 1,00,000 unit shares, were already allocated to the Nepalese citizens working abroad.

Of the general public issue, 2%, i.e., 20,000 units, have been set aside for the company's employees, and 5% of the total offered shares, i.e., 50,000 units, have been set aside for the mutual funds. The remaining 8,30,000 units will be issued for the general public and will be closed from today.

Kumari 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.

According to CDSC, 21,45,156 applicants have applied for 2,49,37,070 units. Thus, the issue has been oversubscribed 30.04 times.

ICRA Nepal Limited has downgraded Bhujung Hydropower Limited from an [ICRANP-IR] B+ issuer rating to [ICRANP-IR] B-. This revision indicates a heightened perception of risk associated with Bhujung Hydropower Limited's ability to meet its financial obligations on time.

Bhujung Hydropower (P.) Ltd is a hydropower development company founded in 2015. The company is developing the Upper Midim Hydropower Project, a run-of-river type project with a licensed capacity of 7.5 MW. The project is located in Kwhlosothar Rural Municipality, Lampung district of Nepal. The central office of the company is located at Old Baneswor, Kathmandu.