Himal Dolakha Hydropower Company Limited's IPO has been approved by SEBON. The company will be issuing 78 lakh unit shares i.e 48.75% of its issued capital as its Initial Public Offering (IPO).
The hydropower company will be issuing 16 lakh unit shares for the locals of project affected area and 62 lakh units for the general public.
Global IME Capital Limited has been 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.
HDHCL has Rs.45 Crore paid up share capital and Rs.37 Crore advance share capital as on July 16, 2018. Mr. Birendra Bahadur Neupane (41.93%), Mr. Rupemani Raj Bhandari (28.46%) and Ms. Bhagawati Chaudhari (12.67%) are major shareholders of the company. Promoters and public holding will be 51.25:49.75 after issue of proposed initial public share.