Maya Khola Hydropower Issuing IPO Shares to the locals of Sankhuwasabha District and Nepalese Employed Abroad from Mangsir 23

Maya Khola Hydropower Company Limited has published an offer letter to issue Initial Public Offering (IPO) to the project affected locals of Sankhuwasabha District and Nepalese citizens working abroad.

The IPO issue for the locals and Nepalese citizens working abroad will open on 23rd Mangsir and close on 8th Poush, 2079. Note that for the locals of Sankhuwasabha District, if the issue is not subscribed by the early closing date, the issue can be extended till 24th Poush. However, the issue will not be extended from the early closing date for Nepalese citizens working abroad.

The issued capital of the company is Rs. 1 Arba of which 10% i.e. 10,00,000 unit shares worth Rs. 10 crores have been allocated to project affected locals of Sankhuwasabha District.

Meanwhile, 24% of the company's issued capital i.e. 24,00,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 2,40,000 unit shares have been allocated for Nepalese citizens working abroad, the issue of which will open at the date mentioned above.

For the project-affected locals, the minimum application quantity is 10 units while the maximum quantity is 1,00,000 units. Meanwhile, for Nepalese citizens working abroad, the minimum application quantity is 10 units while the maximum quantity is 50,000 units. 

Prabhu Capital Limited has been appointed as the issue manager. The promoter- public share ratio will be 66: 34 after this IPO. 

ICRA Nepal has reaffirmed the issuer rating of [ICRANP-IR] BB- (pronounced ICRA NP issuer rating double B minus) to Maya Khola Hydropower Company Limited. Issuers with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.

Maya Khola Hydropower Company Limited is developing the 14.9 MW Maya Khola HEP in the Sankhuwasabha district, Province No. 1 of Nepal. The project is a run of the river (R-o-R) type and is being developed at 40% probability of exceedance. The project is one of the Super-Six projects, which was initially studied by Department of Electricity Development, Nepal.

Offer Letter