IPO Issue of Bhagawati Hydropower Development Company Closing Today; Oversubscribed 17.02 Times So Far

Bhagawati Hydropower Development Company Limited is closing the issue of its 712,220 unit IPO shares from today i.e. on 8th Bhadra, 2080. The issue opened on 5th Bhadra, 2080.

Out of the total 858,097 units; 10% i.e. 85,810 units have already been issued and allotted to Nepalese citizens working abroad, 5% i.e. 42,905 units have been set aside for the mutual funds while 2%, or 17,162 units have been set aside for the employees of the company. The remaining 712,220 units are for the general public.

The shares are issued for Rs. 116 per share (Rs 100 face value + Rs 16 premium price).

Siddhartha Capital is appointed as the issue manager. The IPO issue will raise a total of Rs. 16.58 Crores for the company. Out of this Rs 2.28 Crores will be the premium amount and the rest will be added to the paid-up capital.

According to CDSC, 10,90,953 applicants have applied for a total of 12,124,200 units worth Rs. 1.4 Arba. Thus, the issue has already been oversubscribed by 17.02 times so far.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BBB- (Is)’ assigned to Bhagawati Hydropower Development Company Limited. Issuers with this rating are considered to offer a moderate degree of safety regarding timely servicing of financial obligations, in Nepal. Such issuers carry moderate credit risk.

Bhagawati Hydropower Development Company Limited is a public limited company, incorporated on December 18, 2000, as a private limited company and later converted to a public limited company on April 19, 2018. BHCL is involved in the operation of the 4.41 MW run-of-the-river Bijayapur 1 Small Hydroelectric Project in Kaski District which has been in commercial operation since August 21, 2012. The project is constructed under the BOOT (Build, Own, Operate, and Transfer) mechanism.

Closing Notice