Himal Dolkha Hydropower Company Limited is issuing 76,72,210 units (including 14,72,210 units unsubscribed by locals) IPO shares to the general public from today (Ashad 25, 2076). The early closing date of this IPO issue is Ashad 29, 2076 and if the issue is not subscribed till Ashad 29 then this issue can be extended upto Shrawan 24, 2076.
Out of the offered 76,72,210 units; 1,53,444 units have been reserved for the employees of the company and 25,000 units have been allotted to mutual funds. The remaining 74,93,766 units are for the general public.
The paid up capital of the company after the IPO will be Rs 1.60 arba. After the issuance of IPO, the promoter shareholders will be holding 51.25% while the project affected locals will hold 0.79% and the ordinary shareholders will hold 47.96% stake.
Applications can be place for minimum 10 units and maximum 1,00,000 units. Global IME Capital is appointed as the issue manager for the IPO issuance.
Care Ratings Nepal Limited (CRNL) has assigned grading of ‘CARE-NP IPO Grade 4’ indicating Below Average Fundamentals.
HDHCL has two run of the river hydropower project under operation, which are 4.55 MW Mai Khola Small Hydropower Project (Project I) and 8MW Mai Small Cascade Hydropower Project (Project II), both are located at Ilam district of Nepal. The projects are constructed under BOOT (Build, Own, Operate and Transfer) mechanism.
Project-I was completed with total cost of Rs 72.50 Crore (Rs.16.10 Crore per MW) which was funded through Debt: Equity of 75.13: 24.87. Project-II was completed with total cost of Rs 1.42 Arba (Rs 17.80 Crore per MW) which was funded through Debt: Equity of 62.82: 37.18.
Mr. Birendra Bahadur Neupane, Mr. Rupemani Raj Bhandari and Ms. are major shareholders of the company. Promoters and public holding will be 51.25:48.75 after issue of proposed initial public share.