Mai Khola Hydropower IPO Closing From Today For Nepalese Employed Abroad and Project Affected Locals of Ilam District

Mai Khola Hydropower Limited is closing the issue of its IPO to the Nepalese citizens working abroad and project-affected locals of Ilam District from today i.e. 9th Chaitra, 2079. The issue had opened on 25th Falgun, 2079.

The issued capital of the company is Rs. 39.21 Crores of which 10% i.e. 392,157 unit shares worth Rs. 3.92 crores have been allocated to project-affected locals of Ilam District. Meanwhile, 39% of the company's issued capital i.e. 15,29,411 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 152,941 units shares have been allocated for Nepalese citizens working abroad, the issue of which will close today.

For the project-affected locals, the minimum application quantity is 10 units while the maximum quantity is 10,000 units. Meanwhile, for Nepalese citizens working abroad, the minimum application quantity is 10 units while the maximum quantity is 50,000 units.

Prabhu Capital Limited is appointed as the issue manager. The promoter-public share ratio will be 51: 49 after this IPO.

According to CDSC, 17,850 applications have been received through Nepalese citizens working abroad for a total of 523,430 units. Thus, the issue is already oversubscribed by 3.42 times so far.

ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus) to Mai Khola Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default in the timely servicing of financial obligations.

Mai Khola Hydropower Limited is a private company established in the year of 2073 B.S. The first (pilot) project of Mai Khola Hydropower Ltd. is Super-Mai Cascade Hydropower Project (3 Mw), which is going to be commenced in the very near future. It is designed to take water by tapping water from Super Mai Hydropower Project (7.8 MW) Tailrace Canal, generating 18.30 GWh of energy.

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