Kutheli Bukhari Small Hydropower To Issue 101,151 Unit IPO Shares To General Public from Ashad 26
Thu, Jun 29, 2023 8:36 AM on IPO/FPO News, Latest,
Kutheli Bukhari Small Hydropower Limited has published an offer letter to issue its Initial Public Offering (IPO) to the general public.
The company will be issuing 101,151 unit shares of Rs 100 face value from 26th Ashad, 2080. The company intends to collect Rs 1.01 crore from this IPO. The early closing date of this issue is on 29th Ashad and if the issue is not fully subscribed, it can be extended up to 9th Shrawan, 2080.
Out of the total 121,867 units; 10% i.e. 12,186 units have already been issued and allotted to Nepalese citizens working abroad, 5% of the total offered shares i.e. 6,093 units have been set aside for the mutual funds while 2% i.e 2,437 units have been set aside for the employees of the company. The remaining 101,151 units are for the general public. The paid-up capital of the company will reach Rs. 12.18 Crores after the IPO issuance.
Earlier, the company had issued 121,868 unit shares worth Rs. 1.21 crores to the project-affected locals of Dolakha District and 12,186 unit shares to Nepalese citizens working abroad. The promoter-public share ratio will be 80: 20 after this IPO.
NMB Capital Limited has been appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 1,000 units.
ICRA Nepal has reaffirmed the issuer rating of Kutheli Bukhari Small Hydropower Limited at [ICRANPIR] BBB- (pronounced ICRA NP Issuer Rating Triple B minus), indicating a moderate degree of safety regarding the timely servicing of financial obligations.
Kutheli Bukhari Small Hydropower Ltd. was incorporated on August 11, 2011, as a private limited company and was converted to a public limited company on January 28, 2015, to facilitate public participation. The company is operating a 0.998-MW Suspa Bukhari Khola Small HPP in the Dolakha district, Madhesh Province of Nepal. It is a run-of-the-river (R-o-R) type project with a 40% probability of exceedance (Q40). The project started commercial operation on September 20, 2015, and was developed at a total cost of ~NPR 248 million.
