SEBON Adds IPO Issue of Ingwa Hydropower Limited Under Preliminary Review; 18 Lakhs Units of Shares to be Issued

Securities Exchange Board of Nepal (SEBON) has added IPO issue of Ingwa Hydropower Limited under preliminary review in the latest list of IPO pipeline status published.

The hydropower company is proposing to come out with an IPO of 1,800,000 equity shares with a face value of NPR 100 each, at par to raise capital worth Rs. 18 crores to the local and general public. Nepal SBI Merchant Banking Ltd. has been appointed as the issue manager.

CARE Ratings Nepal Limited (CRNL) has assigned Issuer rating of ‘CARE-NP BB (Is)’ to Ingwa Hydropower Limited (IHL). The Issuers with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations in Nepal.

Ingwa Hydropower Limited (IHL) was incorporated on June 23, 2009 as Private Limited company, which was later converted in Public Limited company on August 25, 2014. The company has been promoted by institutional promoters and individual businessmen of Nepal for setting up of a 9.70 MW run-of-river, Upper Ingwa Khola hydroelectric project (UIKHP) in Panchthar district of Nepal. The project is constructed under BOOT (Build, Own, Operate and Transfer) mechanism