Mai Khola Hydropower to Issue 12,69,411 Unit IPO Shares to General Public from Baisakh 08
Thu, Apr 13, 2023 11:54 AM on IPO/FPO News, Latest,
Mai Khola Hydropower Limited has published an offer letter to issue its Initial Public Offering (IPO) to the general public.
The company will be issuing 12,69,411 unit shares of Rs 100 face value from 8th Baisakh, 2080. The company intends to collect Rs 12.69 crore from this IPO. The early closing date of this issue is on 12th Baisakh and if the issue is not fully subscribed, it can be extended up to 24th Baisakh, 2080.
Out of the total 15,29,411 units; 10% i.e. 152,941 units have already been issued and allotted to Nepalese citizens working abroad, whereas 2% i.e 30,588 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 76,471 units have been set aside for the mutual funds. The remaining 12,69,411 units are for the general public. The paid-up capital of the company will reach Rs. 39.21 Crores after the IPO issuance.
Earlier, the company had issued 392,157 unit shares worth Rs. 3.92 crores to the project-affected locals and 152,941 unit shares to Nepalese citizens working abroad. Overall, 51% of shares are of the promoter shareholders in the company. The total capital after the IPO will be Rs 39.21 crore of the company.
Prabhu 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 50,000 units.
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.
