Asian Hydropower Opening Issue of 697,200 Unit IPO Shares to General Public from Today
Fri, Feb 10, 2023 10:14 AM on IPO/FPO News, Latest,
Asian Hydropower Limited is opening an issue of 6,97,200 unit shares of Rs 100 face value from today i.e. on 27th Magh, 2079. The company intends to collect Rs 6.97 crore from this IPO. The early closing date of this issue is on the 2nd Falgun and if the issue is not fully subscribed, it can be extended up to Falgun 12, 2079.
Out of the total 840,000 units; 10% i.e. 84,000 units have already been issued and allotted to Nepalese citizens working abroad, whereas 2% i.e 16,800 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 42,000 units have been set aside for the mutual funds. The remaining 6,97,200 units are for the general public. The paid-up capital of the company will reach Rs. 34 Crores after the IPO issuance.
Earlier, the company had issued 3,40,000 unit shares worth Rs. 3.4 crores to the project-affected locals and 84,000 units shares to Nepalese citizens working abroad. Overall, 65.29% of shares are of the promoter shareholders in the company.
NMB Capital Limited is appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 20,000 units.
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.
