Mailung Khola Jal Vidhyut IPO added in SEBON pipeline; to issue 7.6 lakh units IPO shares for general public

Fri, Oct 13, 2017 12:00 PM on Latest, Featured, Stock Market,
Mailung Khola Jal Vidhyut Company Limited has been added in the Securities Board of Nepal (SEBON)’s IPO pipeline. The hydropower company will be floating 7.36 lakh units Initial Public Offering (IPO) shares worth Rs 7.36 crore for the general public. Siddhartha Capital Limited has been assigned as the issue manager for the IPO. ICRA Nepal has assigned an [ICRANP] IPO Grade 4 rating to this IPO, indicating below average fundamentals. The authorized capital of company is Rs 75 crore. The paid up capital of the company remains at Rs 25.77 crore. After IPO of 7,36,286 units shares worth Rs 7.36 crore for the general public, its paid up capital will then reach Rs 36.81 crore. Mailung Khola Jal Vidhdyut Company Limited has isssued 3,68,144 unit shares worth Rs 3.68 crore as part of its Initial Public Offering (IPO) for the locals of project-affected area of Rasuwa district (1,84,072 units to the most affected local people of Dadagau and Ramche and 1,84,072 units for less affected local people of Raswa District) from Jestha 17 to Jestha 31, 2074. After the IPO, the promoter – people of affected area (Rasuwa district) – public shareholding structure of the company will be 70% – 10% – 20%. Mailung Khola Jal Vidyut runs 5 MW Mailung Khola Hydropower project located in Haku VDC, Rasuwa. It has reported net loss of Rs 2.26 crore in the second quarter of the fiscal year 2073/74.