Ingwa Hydropower IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Project Affected Locals Till Chaitra 20

Ingwa Hydropower Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today i.e. 5th Chaitra and has extended the IPO issue deadline for project-affected locals till 20th Chaitra, 2079. The issue had opened on 21st Falgun, 2079.

The issued capital of the company is Rs. 60 Crores of which 10% i.e. 6,00,000 unit shares worth Rs. 6 crores have been 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 have been allocated for Nepalese citizens working abroad, the issue of which will close today.

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.

Nepal SBI Merchant Banking Limited has been appointed as the issue manager.

According to CDSC, 17,624 applications have been received through Nepalese citizens working abroad for a total of 531,440 units. Thus, the issue is already oversubscribed by 4.42 times so far.

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

Locals IPO Extended Notice

Nepalese Employed Abroad IPO Closing Notice