SEBON approves Rs 15.55 crore worth IPO of Ghalemdi Hydropower; Issue includes 4.55 lakh unsubscribed units from issue to locals

Mon, Dec 3, 2018 3:12 PM on IPO/FPO News, Latest, Stock Market,
SEBON appr...

Securities Board of Nepal (SEBON) has approved 15,55,770 units shares of Ghalemdi Hydropower Limited as Initial Public Issue (IPO) for general public.

Initially the company had issued 5.50 lakh unit shares for the locals of Myagdi district from Ashadh 22 till Shrawan 22, 2075. However, only 94,230 units were subscribed. Remaining 4,55,770 units from the issue to the locals have also been added in the issue for the general public.

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

ICRA Nepal had assigned Grade 4 rating to the IPO issuance indicating below average fundamentals.

The paid up capital of the company will stand at Rs 55 crore after the issuance of IPO for the general public.

Ghalemdi Hydro Limited has been developing a 4 MW capacity project located at ward no 7, Narchyang VDC of Myagdi district.

 

IPO of Ghalemdi Hydro to the locals subscribed by only 17.2%; Is hydro losing charm in Nepali capital market?