SEBON adds 34.90 lakh unit IPO of two hydropower companies; Greenlife Hydropower to issue for the locals while Joshi Hydropower to issue for the general public

IPO of two hydropower companies have been added in the SEBON pipeline for approval.

Greenlife Hydropower Limited’s 18 lakh unit shares for the local people have been added for approval. Kathmandu Capital Market Limited has been appointed as the issue manager for the issuance of IPO.

The hydropower company has been operating Khani Khola 1 Hydropower Project in Marbu VDC of Dolakha District.

Care Ratings Nepal has assigned Grade 4 rating to the IPO issuance indicating below average fundamentals.

Similarly, 16,90,470 unit shares of Joshi Hydropower Development Company Limited has also been added in the SEBON pipeline. The hydropower company is set to issue the IPO for the general public.

Siddhartha Capital Limited has been appointed as the issue manager for the IPO issuance.

The company had issued 3,71,400 unit shares for the locals of Ilam municipality where 2,42,010 units were unsubscribed.

The IPO issuance had received Grade 5 rating from ICRA Nepal indicating poor fundamentals.

The company is at present operating 3,000 KW Upper Puwa-1 HEP,  located in Puwa-Mahjuwa VDC of Ilam District in Eastern Nepal.