Joshi Hydropower to close its 3.71 lakh unit IPO issuance today; IPO issued for locals of Ilam municipality

Joshi Hydropower Development Company Limited (JHDCL) will be closing its IPO issuance for the locals of the project affected area on Ashadh 11, 2075 i.e. today.

The hydropower company has been issuing 3,71,400 unit shares for the local residents of ward no 1,3 and 4 of Ilam municipality. The issue was open from Jestha 8, 2075.

The interested investors can apply for a minimum 50 units of shares while the maximum number of shares they can apply for is 1,800 at par value of Rs 100.

Siddhartha Capital has been appointed as the issue manager for the IPO issuance.

The 3,71,400 unit shares issued are 10% of the total paid up capital of the hydropower company, hence the 7.42 lakh unit shares (20%) are supposed to be issued for the general public as well.

Interested applicants can collect ASBA forms from all ASBA-approved banks around Nepal.

The IPO issuance had received Grade 5 rating from ICRA Nepal indicating poor fundamentals.

The company is at present operating 3,000 KW Upper Puwa-1 HEP,  located in Puwa-Mahjuwa VDC of Ilam District in Eastern Nepal.