IPO Proposals of These Three Companies Are in SEBON's Pipeline

The IPO proposal of Maya Khola Hydropower Company Limited is in SEBON's pipeline.

The company has submitted a proposal to the capital market regulator to issue a total of 3,400,000 shares. This will raise Rs. 34 crores for the company. The application was submitted on Baisakh 28, 2079. Prabhu Capital has been appointed the issue manager for the public offering.

Maya Khola Hydropower Company Limited (MKHCL), founded in May 2010 and converted to a public limited company in December 2016, is developing the 14.9 MW Maya Khola HEP in Sankhuwasabha district, Province No. 1 of Nepal. The project's current anticipated cost is NPR 2,667 million, which will be financed at a 70:30 D:E ratio. The project is a run-of-the-river (R-o-R) type that is being constructed with a 40% likelihood of exceeding the target (Q40). ICRA Nepal has assigned the issuer rating of [ICRANP-IR] BB- (pronounced ICRA NP issuer rating double B minus) to Maya Khola Hydropower Company Limited (MKHCL). Issuers with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.

Similarly, the IPO proposal of Bhugol Energy Development Company Limited is in SEBON's pipeline.

The company has submitted a proposal to the capital market regulator to issue a total of 1,632,160 shares. This will raise Rs. 16.32 crores for the company. The application was submitted on Chaira 2, 2078. NIC Asia Capital has been appointed the issue manager for the public offering.

Bhugol Energy Development Company Limited, founded on February 16, 2009 as a private limited corporation, was transformed to a public limited company on October 31, 2017, to allow for public participation. Dwari Khola Small Hydropower Project, a 3.75-MW hydropower project in Nepal's Karnali Province, is operated by the business. The project began commercial operations on May 6, 2017, ahead of the stipulated COD of June 30, 2017, and was built for NPR 734 million (NPR 196 million per MW) with an initial debt-to-equity ratio of 82:18. ICRA Nepal has assigned an issuer rating of [ICRANP-IR] B- (pronounced ICRA NP issuer rating B minus) to Bhugol Energy Development Company Limited (BEDCL/ the company). Issuers with this rating are considered to have high risk of default regarding timely servicing of financial obligations.

Likewise, the IPO proposal of Makar Jitumaya Suri Hydropower Limited is in SEBON's pipeline as well.

The company has submitted a proposal to the capital market regulator to issue a total of 2,280,000 shares. This will raise Rs. 22.80 crores for the company. The application was submitted on Baisakh 08, 2079. Prabhu Capital has been appointed the issue manager for the public offering.

Makar Jitumaya Suri Hydropower Limited (MJSHL) was incorporated on July 15, 2021, after the merger of Makar Jitumaya Hydropower Private Limited (MJHPL) with Suri Khola Hydropower Limited (SKHL). The merged entity is currently developing two under-construction hydropower projects namely, 6.4 MW run-of-river, Suri Khola Hydropower Project (SKHP) and 7MW Upper Suri Hydropower Project (USKHP) in Dolakha district of Nepal. CARE Ratings Nepal Limited (CRNL) has assigned the rating of ‘CARE-NP BB [Double B]’ to the long-term bank facilities of Makar Jitumaya Suri Hydropower Limited (MJSHL).