Dolti Power Company to Issue IPO Shares to Locals of Dailekh District and Nepalese Employed Abroad from Falgun 08
Sun, Feb 12, 2023 8:52 AM on IPO/FPO News, Latest,
Dolti Power Company has published an offer letter to issue an Initial Public Offering (IPO) to the project-affected locals of Dailekh District and Nepalese citizens working abroad.
The IPO issue for the locals and Nepalese citizens working abroad will open on 8th Falgun to 25th Falgun, 2079. Note that for the locals of Dailekh District, if the issue is not subscribed by the early closing date, the issue can be extended till 7th Chaitra. However, the issue will not be extended from the early closing date for Nepalese citizens working abroad.
The issued capital of the company is Rs. 53.64 Crores of which 10% i.e. 536,486 unit shares worth Rs. 5.36 crores have been allocated to project-affected locals of Dailekh District.
Meanwhile, 20% of the company's issued capital i.e. 10,72,972 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 107,298 units shares have been allocated for Nepalese citizens working abroad, the issue of which will open on the date mentioned above.
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 10,000 units.
NIC Asia Capital Limited has been appointed as the issue manager. The promoter-public share ratio will be 70: 30 after this IPO.
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.
