Securities Board of Nepal (SEBON) has provided approval to the 16,90,470 unit shares of Joshi Hydropower Development Company Limited. 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.