SEBON approves IPO of Himalayan Power Partner worth Rs 21.30 crore

Securities Board of Nepal (SEBON) has approved Himalayan Power Partner Limited for the issuance of 21.30 lakh units IPO shares. Global IME Capital Limited is the assigned issue manager for this IPO worth Rs 21.30 crore. Himalayan Power Partner Limited will now be issuing 21,30,834 units shares to the general public (including staffs and mutual funds) at a face value of Rs 100 per share. ICRA Nepal has assigned IPO Grade 4 to this IPO, indicating below average fundamentals. It had recently allotted 10.65 lakh units IPO shares to the locals of project-affected area in Lamjung district, after which its paid up capital has reached Rs 85.23 crore. After the IPO for general public, its paid up capital will reach Rs 1.06 arba with promoter – locals of project affected area – general public shareholding structure at 70% – 10% – 20%. HPPL is developing a 27 MW Dordi ROR hydropower project along Dordi river in Lamjung district. The electricity generated from this project shall be connected to proposed Udipur Hub substation in Lamjung district; some 1.2 km away from the Dordi powerhouse.