IPO Open From Today: Bindhyabasini Hydropower Development (BHDCL) Issuing 15,00,000 Shares To the General Public

Bindhyabasini Hydropower Development Company Limited (BHDCL) is issuing its IPO to the general public from today i.e 20th Jestha, 2079. The early closing date of this IPO issue is on 25th Jestha. If it is not fully subscribed the issue will be extended up till Ashadh 03, 2079.

The company will issue 15,00,000 units of ordinary shares worth Rs. 15 crores at par value of Rs. 100. This is 15% of the company's issued capital. 4% of the issue worth 60,000 shares have been allocated for employees of the company and 5% worth 75,000 shares for mutual funds. The remaining 13,65,000 shares are purely for the individual public. The company has already issued 10,00,000 units worth of Rs. 10 crores to the project affected locals. Thus, the paid-up capital of the company after the IPO allotment would be Rs 1 arba. The promoter public share ratio stands 75 : 25. 

Sanima Capital Limited has been appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 1,00,000 units.

CARE Ratings Nepal has assigned a double B plus issuer rating [CARE-NP BB+ (Is)] to the company. Companies with this grading are considered to have a moderate risk of default regarding timely servicing of financial obligations.

Bindhyabasini Hydropower Development Company Ltd. (BHDCL) is a Public Company, incorporated on December 18, 2000 as private company and later on, converted to public limited company in March 13, 2017. BHDCL has two operational run of the river hydropower project; 8.8 MW Rudi Khola-A Hydropower Project (Rudi A) and 6.6 MW Rudi Khola-B Hydropower Project (Rudi B). Rudi A is operational since Mid-March 2019 whereas Rudi B is operational since Mid-February 2020. The project is constructed under BOOT model (Build, Operate, Own and Transfer).

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