United IDI-Mardi and R.B. Hydropower invites general public to apply for a stake (IPO) in the company from Kartik 27; total of 8.73 lakh units offered

Thu, Nov 5, 2020 6:12 AM on IPO/FPO News, Latest,

United IDI-Mardi and R.B. Hydropower Limited will be issuing 8,73,910 units (including 2,43,910 units unsubscribed by locals) worth Rs 8.73 crore as Initial Public Offering to the general public from (Kartik 27- Mangsir 3, 2077). The early closing date of this issue is on Mangsir 3 and if the issue is not fully subscribed till Mangsir 3, then it can be extended up to Mangsir 11, 2077.

Out of the offered 8,73,910 units; 17,478 units have been set aside for the employees of the company and 43,696 units have been set aside for the mutual funds. The remaining 8,12,736 units are for the general public.

Applications can be placed for a minimum of 10 units and maximum 10,000 units.

Global IME Capital Limited has been appointed as the issue manager for the IPO issuance.

United IDI Mardi allots its shares to project-affected locals of Machhapuchchhre Gaupalika of Kaski; issue received application only for 1.79 lakh unit shares from 255 applicants

After the issuance of 8,73,910 units worth Rs 8.73 crore IPO shares the general public i.e 20.78 % of total capital which will together raise its paid-up capital to Rs 42 crore and the promoter/public ratio will be 75:25. 

Care Ratings Nepal Limited has assigned the "CARE-NP BB+ (Is)‟ rating to United Mardi and RB Hydropower Company Limited. Issuers with this rating are considered to have a moderate risk of default regarding timely servicing of financial obligations, in Nepal.

The project is promoted by individual promoters from different background along with two institutional promoters for setting up of a 7MW run-of-river, Upper Mardi Khola Hydropower Project in the Kaski district of Nepal. This project is constructed under the BOOT (Build, Own, Operate, and Transfer) mechanism. After the issue of the proposed IPO of Rs.105 Million, the promoters and public holding ratio is expected to be in the ratio of 75:25.

Click here for the offer letter: