Panchakanya Mai Hydropower to issue 11 lakh unit IPO for general public; Added in SEBON's IPO pipeline for approval

Panchakanya Mai Hydropower Limited has been added in the SEBON’s IPO pipeline for preliminary review.

The hydropower company will be issuing 11 lakh unit IPO shares for the general public at a par value of Rs 100.

The total paid up capital of the hydropower company is Rs 1.10 arba. It has issued 10% of its paid up capital to the locals of the project affected area as well as for the general public.

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

Panchakanya Mai Hydropower Limited had issued Initial Public Offering (IPO) shares of 11,00,000 units shares worth Rs 11 crore at par value of Rs 100 per unit to the project affected local residents of Sandakpur Rural Municipality and Ilam Municipality from Magh 5, 2074. It was over subscribed by about 4 times.

The hydropower company has generated 9.98 MW electricity from its project area -Mabu, Maimjhuwa and Sulubung VDC of Illam district.Now the capacity of the hydropower project has been increased to 12 MW.In addition the company’s 6.1 MW Upper Mai ( Cascade) Hydropower Project is in final stage of construction.

The IPO issuance was given Grade 4 credit rating by ICRA Nepal indicating below average fundamentals.