Ngadi Group Power IPO worth Rs 14.60 crore got ICRA rating 4+

ICRA Nepal, the credit rating agency, has assigned ‘Grade 4+’ rating to the proposed Initial Public Offering (IPO) amounting NPR 146.06 million of Ngadi Group Power Limited (NGPL) indicating the hydropower company’s IPO of below average fundamentals. The process to issue IPO of Ngadi group is on review in SEBON. Ngadi Group Power is proposing to come out with its IPO of 1,460,605 numbers of equity shares of face value NPR 100/- each to be issued to general public at par. The issue manager for this issue will be NIBL Capital Markets Limited. According to a statement of ICRA Nepal, it has assigned ‘(ICRANP) IPO Grade 4+’ to the IPO of Ngadi Group Power Limited which means that the offering holds below average fundamentals. ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor.