SEBON approves IPO issue of Panchakanya Mai Hydropower; Hydropower to issue 11 lakh unit shares for the general public

Securities Board of Nepal (SEBON) has given its final approval to the Initial Public Offering of Panchakanya Mai Hydropower Limited (PMHL).

The hydropower company will be issuing 11 lakh unit IPO shares for the general public at a par value of Rs 100.

The total paid up capital of the hydropower company is Rs 1.10 arba. It has already issued 10% of its paid up capital to the locals of the project affected area.

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

Panchakanya Mai Hydropower Limited had issued Initial Public Offering (IPO) shares of 11,00,000 units shares worth Rs 11 crore at par value of Rs 100 per unit to the project affected local residents of Sandakpur Rural Municipality and Ilam Municipality from Magh 5, 2074.

The hydropower company has generated 9.98 MW electricity from its project area -Mabu, Maimjhuwa and Sulubung VDC of Illam district.Now the capacity of the hydropower project has been increased to 12 MW.In addition the company’s 6.1 MW Upper Mai ( Cascade) Hydropower Project is in final stage of construction.

The IPO issuance was given Grade 4 credit rating by ICRA Nepal indicating below average fundamentals.