Mid Solu Hydropower Company Opening 621,172 Units IPO Shares Issue For General Public From Today

Fri, Sep 15, 2023 7:40 AM on IPO/FPO News, Latest,

Mid-Solu Hydropower Company Limited is opening the issue of 6,21,172 unit IPO shares at a par value of Rs. 100 from today i.e. on 29th Bhadra, 2080. The early closing date of this issue is on the 2nd Ashwin and if the issue is not fully subscribed, it can be extended up to the 12th Ashwin, 2080.

Out of the total 7,48,400 units; 10% i.e. 74,840 units have already been allotted to Nepalese citizens working abroad, whereas 2% i.e. 14,968 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 37,420 units have been set aside for the mutual funds. The remaining 6,21,172 units are for the general public, the issue of which will open from today.

Earlier, the company had issued 7,48,400 unit IPO shares which were 10% of the issued capital to the project-affected locals of Solukhumbu district from 14th-30th Shrawan, 2080.

NIC Asia Capital Limited is appointed as the issue manager. Applications can be placed for a minimum of 10 units and a maximum of 10,000 units.

ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus) to Mid Solu Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.

Mid-Solu Hydropower Limited was incorporated on April 19, 2017, as a private limited company and converted to a public limited on June 30, 2021, to facilitate public participation. The company is currently developing a 9.5-MW Mid-Solu Khola HPP in Solukhumbu district, Province 1 of Nepal. The project is a run-of-the-river (R-o-R) type and is being developed at a 40.9% probability of exceedance.