Mandu Hydropower Opening 12,05,320 Units IPO Shares Issue For General Public From Today
Sun, Aug 27, 2023 7:46 AM on IPO/FPO News, Latest,
Mandu Hydropower Limited is opening the issue of its 12,05,320 unit IPO shares from today i.e. on 10th Bhadra, 2080. The early closing date of this issue is on the 13th Bhadra and if the issue is not fully subscribed, it can be extended up to the 24th Bhadra, 2080.
Earlier, the company had issued 272,730 unit shares to the project-affected locals of Lalitpur and Makawanpur District out of which only 193,700 units were allotted to valid applicants. Thus, the remaining 79,030 units of unsubscribed shares of project-affected locals are added to 13,63,640 units (10% of the issued capital which is reserved for the general public) to make a total of 14,42,670 units for the general public.
Out of the total 14,42,670 units; 136,364 units have already been issued and allotted to Nepalese citizens working abroad, 72,133 units have been set aside for mutual funds and 28,853 units have been set aside for the employees of the company. The remaining 12,05,320 units are for the general public.
The shares are issued for Rs. 206 per share (Rs 100 face value + Rs 106 premium price). Applications can be placed for a minimum of 10 units and a maximum of 50,000 units.
Prabhu Capital is 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 will be added 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 Limited was established on April 15, 2012. It 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, Makwanpur District, Bagmati Zone, Nepal. This project has been successfully running for the last 2 years.
