Mandu Hydropower Issuing IPO to the Locals of Lalitpur and Makawanpur District and Nepalese Employed Abroad from Ashad 28
Thu, Jul 6, 2023 11:00 AM on Latest, IPO/FPO News,
Mandu Hydropower Limited has published an offer letter to issue an Initial Public Offering (IPO) to the project-affected locals and Nepalese citizens working abroad.
The IPO issue for the locals and Nepalese citizens working abroad will open from 28th Ashad to 11th Shrawan, 2080. Note that for the locals of Lalitpur and Makawanpur District, if the issue is not subscribed by the early closing date, the issue can be extended till the 26th Shrawan. However, the issue will not be extended from the early closing date for Nepalese citizens working abroad.
The issued capital of the life insurance company is Rs. 1.36 Arba of which 12% i.e. 16,36,370 unit shares will be issued to the public (locals, Nepalese citizens working abroad, and the general public). Out of this total issue, 2% i.e. 272,730 unit shares have been allocated for project-affected locals of Lalitpur and Makawanpur District.
Meanwhile, 10% i.e. 13,63,640 units will be issued later for the general public. Of this public issue, 10% of the shares totaling 136,364 units shares have been allocated for Nepalese citizens working abroad, the issue of which will open on the date mentioned above.
The shares will be issued for Rs. 206 per share (Rs 100 face value + Rs 106 premium price).
Prabhu Capital has been appointed as the issue manager. The IPO issue will raise a total of Rs. 33.7 Crores for the company. Out of this Rs 17.34 Crores will be the premium amount and the rest would add to the paid-up capital.
ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BBB- (pronounced ICRA NP Issuer Rating Triple B Minus) to Mandu Hydropower Limited. Issuers with this rating are considered to have a moderate degree of safety regarding the timely servicing of financial obligations.
Mandu Hydropower Ltd. is a Hydro Project with a capacity of 22MW of electricity generation. It is a joint project with Sichuan Hechuan Co. Ltd. (SHIC) in Chengdu, China. This Project is located at Bagmati River, IPA, Panchakanya VDC, Mankwanpur District, Bagmati Zone, Nepal. This project has been successfully running for the last 2 years.
