Kalanga Hydro Limited Concludes IPO Allotment for Nepalese Citizens Working Abroad; 35,000 Lucky Applicants Receive 10 Units Each

The IPO allotment for Nepalese citizens working abroad by Kalanga Hydro Limited was concluded today, 20th Chaitra, 2082.

The issued capital of the company is Rs. 1.40 Arba. Of this, 35%, i.e., 49,00,000 unit shares, will be issued to the public. Out of the total issue capital, 10%, amounting to 14 lakh unit shares worth Rs. 14 Crores, will be allocated to project-affected locals in Bajhang District. The remaining 25% of the issued capital, i.e., 35 lakh unit shares, will be offered to the general public. Of this general public issue, 10% of the total 3,50,000 unit shares were allocated to Nepalese citizens working abroad.

The issue received a total of 84,308 valid applications for 11,30,620 units. Meanwhile, 18 applications for 180 units were disqualified.

As per the allotment module, 35,000 applicants were allotted 10 units each.

Allotment Module:

The IPO result can be accessed by CDSC IPO Result, MeroShare, and Sanima Capital Limited.

Sanima Capital Limited was appointed as the issue manager. The minimum application quantity for Nepalese citizens working abroad was 10 units, and the maximum was 20,000 units.

CARE Ratings Nepal Limited (CRNL) has revised the issuer rating assigned to Kalanga Hydro Limited (KHL) to ‘CARE-NP BB (Is)’ from ‘CARE-NP BB- (Is)’. Issuers with this rating are considered to offer a moderate risk of default regarding the timely servicing of financial obligations in Nepal.

Kalanga Hydro Limited (KHL) was initially incorporated as a private limited company on 20 December 2007 (converted to a public limited company on July 14, 2021) by a group of individual and institutional promoters for the setting up of a 15.33 MW, run-of-river, Kalanga Gad Hydroelectric Project in the Bajhang district of Nepal. The project is constructed under the BOOT mechanism.