Manakamana Engineering Hydropower IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Locals Till Shrawan 09
Tue, Jul 18, 2023 10:46 AM on Latest, IPO/FPO News,
Manakamana Engineering Hydropower Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today i.e. 2nd Shrawan, 2080, and has extended the IPO issue deadline for project-affected locals of Dolakha District till the 9th Shrawan. The issue had opened on 19th Ashad, 2080.
The issued capital of the company is Rs. 80 Crores of which 10% i.e. 800,000 unit shares worth Rs. 8 Crores have been allocated to project-affected locals of Dolakha District. Meanwhile, 25% of the company's issued capital i.e. 20,00,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 200,000 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 100,000 units. Meanwhile, for Nepalese citizens working abroad, the minimum application quantity is 10 units while the maximum quantity is 50,000 units.
B.O.K Capital Markets Limited has been appointed as the issue manager. The promoter-public share ratio will be 65: 35 after this IPO.
According to CDSC, 25,427 applications have been received through Nepalese citizens working abroad for a total of 644,800 units so far.
CARE Ratings Nepal Limited (CRNL) has assigned a rating of ‘CARE-NP BB (Is)’ to Manakamana Engineering Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.
Manakamana Engineering Hydropower Limited is a public limited company, incorporated on July 18, 2010, as a private limited company and later converted to a public limited company on July 10, 2021. It is promoted by individual promoters having experience in hydropower and other sectors for setting up Hydroelectric Projects (HEP) in Nepal. The company is involved in the operation of a 5 MW run–of–the–river Ghattekhola Small Hydropower Project (GKHP) in the Dolakha district of Nepal by utilizing the available head and flow from Ghatte Khola (river). The project started commercial operation on November 08, 2020.
