Union Hydropower Company gets approval from SEBON of IPO issuance; company to float more than 35 Lakh units for the general public

Securities Exchange Board of Nepal (SEBON) has approved IPO issuance of Union Hydropower Limited for the general public.

The hydropower company will be issuing 29,12,500 plus unsubscribed 6,21,790 units by the locals of the project affected area, totalling 35,34,340 units shares to the general public as IPO. 

Earlier, The company had issued 7.50 Lakh units to the locals of the project affected area from Lamjung district from Shrawan 14, 2075 till Shrawan 28, 2075. 

Laxmi Capital has been appointed as the issue manager for the issuance.

ICRA Nepal has assigned Grade 5 rating to the IPO issue which indicates poor fundamentals.

Union Hydropower has been constructing a 3.3 MW Midim Khola Project. It has also received approval for construction of 23 MW Mewa Khola Project.

Post this issue the promoter- public share structure would be 51.16 - 48.83 ratio.