Asian Hydropower IPO Closing From Today for Project Affected Locals of Illam District
Tue, Jan 3, 2023 9:39 AM on Latest, IPO/FPO News,
Asian Hydropower Limited is closing the issue of its IPO to the project-affected locals from today i.e. on 19th Poush, 2079. The issue had opened on 27th Mangsir, 2079, and was supposed to close on Poush 12. However, the issue was undersubscribed by the early closing date and the deadline was extended till today.
The issued capital of the company is Rs. 34 Crores of which 10% i.e. 3,40,000 unit shares worth Rs. 3.4 crores have been allocated to project-affected locals of the Ilam District. Meanwhile, 24.71% of the company's issued capital i.e. 8,40,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 84,000 units shares were allocated for Nepalese citizens working abroad. The deadline for the IPO of Nepalese citizens working abroad also expired on Poush 12.
The minimum application quantity to be applied for both project-affected locals and Nepalese citizens working abroad is 10 units while the maximum quantity is 20,000 units.
NMB Capital Limited is appointed as the issue manager.
CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BB (Is)’ assigned to Asian Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.
Asian Hydropower Ltd. was incorporated as a private limited company on May 05, 2016, and later on, July 10, 2019, converted into a public limited company. It is promoted by individual promoters from different backgrounds and institutional investors for setting up a 6.2 MW run-of-river, Lower Jogmai Hydropower Project (LJHP) in the “BOOT” (Build, Own, Operate, and Transfer) model and is located at Illam district of Nepal. The project started commercial operations on November 01, 2021. The power project utilizes available heads and flows from Jogmai Khola (river). The project has a 132.2 km2 catchment area and 5.70m3/s design discharge at 40% exceedance flow.
