Makar Jitumaya Suri Hydropower Company Allotted IPO Shares to Project-affected Locals and Nepalese Employed Abroad

Makar Jitumaya Suri Hydropower Company Limited has allotted IPO shares to the project-affected locals of Dolakha District and Nepalese citizens working abroad. The allotment program concluded on 9th Chaitra, 2079.

The issued capital of the company is Rs. 76 Crores of which 10% i.e. 7,60,000 unit shares worth Rs. 7.6 crores were allocated to project-affected locals of Dolakha District (Locals of Gaurisankhar gaupalika and Bigu gaupalika). Meanwhile, 20% of the company's issued capital i.e. 15,20,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 152,000 units shares were allocated for Nepalese citizens working abroad. The issue had opened on 15th Magh, 2079.

As per the notice published today, the company hereby informs that the issued units have been allotted to the valid applicants on 9th Chaitra, 2079.

Prabhu Capital Limited was appointed as the issue manager.

As per the allotment notice,

*3514 applicants from project-affected palikas who applied between 10 units to 9990-unit shares received the total demanded quantity. Out of the total issued 7.60 Lakh units only 6,78,600 units were allotted to the projected affected people.

*15041 applicants working abroad who applied between 10 units to 2010 unit were allotted 10 units each and the remaining 159 people applicants were given 10 units extra in a lucky draw.

The IPO result can be viewed on the official site of https://results.prabhucapital.com or that of https://iporesult.cdsc.com.np, as per the media statement.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BB (Is)’ assigned to Makar Jitumaya Suri Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations, in Nepal

Makar Jitumaya Suri Hydropower Limited was incorporated on July 15, 2021, after the merger of Makar Jitumaya Hydropower Private Limited with Suri Khola Hydropower Limited. The merged entity is currently developing two under-construction hydropower projects namely, the 6.4 MW run-of-river, Suri Khola Hydropower Project, and the 7MW Upper Suri Hydropower Project in the Dolakha district of Nepal.

Allotment Notice