IPO Allotment: Maya Khola Hydropower Company Allotted Shares to Project-affected Locals and Nepalese Employed Abroad

Maya Khola Hydropower Company Limited has allotted IPO shares to the project-affected locals and Nepalese citizens working abroad. The allotment program concluded on 26th Poush, 2079.

The issued capital of the company stands at Rs. 1 Arba of which 10% i.e. 10,00,000 unit shares worth Rs. 10 crores were allocated to project-affected locals of Sankhuwasabha District. Meanwhile, 24% of the company's issued capital i.e. 24,00,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 2,40,000 units shares were allocated for Nepalese citizens working abroad, the issue of which was opened from 23rd Mangsir.

As per the notice published today, the company hereby informs that the issued units have been allotted to the valid applicants on Poush 26. Prabhu Capital Limited was appointed as the issue manager for this IPO. 

In the most affected category, the merchant bank has allotted the total demanded units to those who applied for 10 units to 1200 unit shares, 1200 units to those who applied between 1200 units to 9520 units, and additional 10 units to 35 others who applied between 1300 to 9250 unit shares.

Likewise,2062 valid applicants who fall under the category of affected locals got hold of 4 lakh shares in total, as per the media statement.

The IPO results can be viewed on the website of Prabhu Capital as well as on CDSC’s website, as per the media statement. 

For 22.94 lakh unit available shares after allocating to mutual funds and employees of the company, the issue had received applications from 15.51 lakh valid applicants. Only 2.29 lakh lucky applicants received 10 unit shares following the lucky draw with 2 receiving 1 more unit while the rest returned empty-handed, as per the media statement.

ICRA Nepal has reaffirmed the issuer rating of [ICRANP-IR] BB- (pronounced ICRA NP issuer rating double B minus) to Maya Khola Hydropower Company Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.

Maya Khola Hydropower Company Limited is developing the 14.9 MW Maya Khola HEP in the Sankhuwasabha district, Province No. 1 of Nepal. The project is a run-of-the-river (R-o-R) type and is being developed at a 40% probability of exceedance. The project is one of the Super-Six projects, which was initially studied by the Department of Electricity Development, Nepal.

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