Ingwa Hydropower Allotted IPO Shares to Project-affected Locals and Nepalese Employed Abroad on Baisakh 04

Ingwa Hydropower Limited has allotted IPO shares to the project-affected locals of the Taplejung District and Nepalese citizens working abroad. The allotment program concluded on 4th Baisakh, and will be refunding money to the non-allottee applicants from 6th Baisakh, 2080.

The issued capital of the company is Rs. 60 Crores of which 10% i.e. 6,00,000 unit shares worth Rs. 6 crores were allocated to project-affected locals of Taplejung District. Meanwhile, 20% of the company's issued capital i.e. 12,00,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 120,000 units shares were allocated for Nepalese citizens working abroad. The issue had opened on 21st Falgun, 2079.

As per the notice published today, the company hereby informs that the issued units have been allotted to the valid applicants on 4th Baisakh, 2080.

Nepal SBI Merchant Banking Limited was appointed as the issue manager.

The IPO result can be viewed on the official site of Sunrise Capital Limited or CDSC, as per the media statement.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BB (Is)’ assigned to Ingwa Hydropower Limited. Issuers with this rating are considered to offer a moderate risk of default regarding the timely servicing of financial obligations, in Nepal.

Ingwa Hydropower Limited was incorporated on June 23, 2009, as a Private Limited company, which was later converted into a Public Limited company on August 25, 2014. The company has been promoted by institutional promoters and individual businessmen of Nepal for setting up a 9.70 MW run-of-river, Upper Ingwa Khola hydroelectric project (UIKHP) in the Panchthar district of Nepal. The project is constructed under BOOT (Build, Own, Operate, and Transfer) mechanism.

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