Dolti Power Company Issuing 12,71,861 Unit IPO Shares to General Public from Today
Tue, Apr 11, 2023 9:52 AM on IPO/FPO News, Latest,
Dolti Power Company Limited is opening the issue of its 12,71,861 unit IPO shares to the general public from today i.e. 28th Chaitra, 2079. The early closing date of this issue is on the 3rd Baisakh and if the issue still needs to be fully subscribed, it can be extended up to the 12th Baisakh, 2080.
Earlier, the company had issued 536,486 unit shares worth Rs. 5.36 crores to the project-affected locals of Dailekh District out of which only 141,820 units were allotted to valid applicants. Thus, the remaining 394,666 units of unsubscribed shares of project-affected locals are added to 10,72,972 units (20% of the issued capital which is reserved for the general public) to make a total of 14,67,638 units for the general public.
Out of the total 14,67,638 units; 107,298 units have already been issued and allotted to Nepalese citizens working abroad, 5% of the total offered shares i.e. 68,017 units have been set aside for the mutual funds, and 20,462 units have been set aside for employees of the company. The remaining 12,71,861 units are for the general public.
Overall, 70% of shares are of the promoter shareholders in the company. The company intends to collect Rs 12.71 crore from this IPO.
NIC Asia 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 10,000 units.
ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB (pronounced ICRA NP issuer rating double B) to Dolti Power Company Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations
Dolti Power Company Limited was incorporated on April 7, 2013, as a private limited company, and was later converted into a public limited company on July 15, 2021. DPCL operates a 4.5-MW Padam Khola run-of-river (R-o-R) HPP, in the Dailekh district of Karnali province of Nepal, at a Q40 probability of exceedance and a design discharge of 2.27m3/s. The project began commercial operations on December 24, 2019, against the RCOD of February 20, 2021, and was developed at a total cost of ~NPR 1,101 million (~NPR 245 million per MW) funded in a debt-equity ratio of ~66:34.
