Makar Jitumaya Suri Hydropower Company IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Project Affected Locals Till Falgun 15

Makar Jitumaya Suri Hydropower Company Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today i.e. on 29th Magh and has extended the IPO issue deadline for project-affected locals till 15th Falgun, 2079. The issue had opened on 15th Magh, 2079.

The issued capital of the company is Rs. 76 Crores of which 10% i.e. 7,60,000 unit shares worth Rs. 7.6 crores have been allocated to project-affected locals of Dolakha District. Meanwhile, 20% of the company's issued capital i.e. 15,20,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 152,000 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 has been appointed as the issue manager. The promoter-public share ratio will be 70: 30 after this IPO.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BB (Is)’ assigned to Makar Jitumaya Suri Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations, in Nepal

Makar Jitumaya Suri Hydropower Limited was incorporated on July 15, 2021, after the merger of Makar Jitumaya Hydropower Private Limited with Suri Khola Hydropower Limited. The merged entity is currently developing two under-construction hydropower projects namely, the 6.4 MW run-of-river, Suri Khola Hydropower Project, and the 7MW Upper Suri Hydropower Project in the Dolakha district of Nepal.