Last Day to Apply for Locals IPO of Ingwa Hydropower; Issue Closing Today

Ingwa Hydropower Limited is closing the issue of 6,00,000 units of IPO shares to the project-affected locals today i.e. on 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 closed on 5th Chaitra.

The minimum application quantity to be applied for project-affected locals is 10 units while the maximum quantity is 20,000 units

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

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

Closing Notice