Mount Everest Power Development Limited Closing 1,72,000 Units IPO for Foreign Nepalese Immigrants Today

Mount Everest Power Development Limited is closing the 1,72,000 units of IPO issue for foreign Nepalese Immigrants today, i.e., 23rd Baishakh, 2083. The issue was opened on the 17th Baishakh, 2083.

The issued capital of the company is Rs. 86 Crores. Of this, 30%, i.e., 25,80,000 unit shares, will be issued to the public. Out of the total issue capital, 10%, amounting to 8,60,000 unit shares worth Rs. 8.60 Crores, will be allocated to project-affected locals in Solukhumbu District. The remaining 20% of the issued capital, i.e., 17,20,000 unit shares, will be offered to the general public.

Of this general public issue, 10% of 17,20,000, a total of 1,72,000 unit shares, have been set aside for Nepalese citizens working abroad, and the issue will close from today.

For the project-affected locals, the minimum application quantity to be applied is 10 units, while the maximum quantity is 10,000 units. For Nepalese citizens working abroad, the minimum application quantity is 10 units, and the maximum is 10,000 units.

According to CDSC, 91,167 applicants have applied for a total of 12,39,200 units. Thus, the issue has already been oversubscribed 7.20 times.

NIMB Capital Limited has been appointed the issue manager for the public offering.

CARE Ratings Nepal Limited (CRNL) has reaffirmed Mount Everest Power Development Limited’s issuer and long-term bank facility rating at ‘CARE-NP BB+’, indicating a moderate risk of default, and has assigned a ‘CARE-NP A4+’ rating to its short-term bank facilities.

Mount Everest Power Development Limited (MEPDL), a public limited company incorporated on November 16, 2014, has been operating the 12 MW run-of-river Dudhkunda Khola Hydroelectric Project in Solukhumbu district since July 31, 2024. The project has been developed under the BOOT (Build, Own, Operate and Transfer) model.