Union hydropower IPO added in SEBON pipeline; to issue 6.33 lakh units IPO shares for locals of project affected area

Union Hydropower Limited has been added in the Securities Board of Nepal (SEBON)’s IPO pipeline. The hydropower company will be floating 6.33 lakh units Initial Public Offering (IPO) shares worth Rs 6.33 crore for the locals of locals of project-affected area of Lamjung district. Laxmi Capital Markets Limited has been assigned as the issue manager for the IPO. ICRA Nepal has assigned an “[ICRANP] IPO Grade 5” rating to the upcoming Initial Public Offering (IPO) of Union Hydropower Limited (UHL), indicating poor fundamentals. Union Hydropower Limited is developing Midim Khola (Karapu) Hydropower Project (3 MW), a run-of- river type hydropower project located in the Lamjung District, Western Development Region of Nepal. More than 50% of the total work at the project site has been completed and its financial closure was done on August 21, 2014.