Maya Khola Hydropower Company Closing the IPO Issue For General Public From Today
Tue, Jan 31, 2023 9:59 AM on IPO/FPO News, Latest,
Maya Khola Hydropower Company Limited is closing the issue of 19,92,000 unit shares of Rs 100 face value from today i.e. on 17th Magh. The issue opened on 13th Magh, 2079.
Out of the total 24,00,000 units; 10% i.e. 240,000 units have already been issued and allotted to Nepalese citizens working abroad, whereas 2% i.e 48,000 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 120,000 units have been set aside for the mutual funds. The remaining 19,92,000 units are for the general public.
The paid-up capital of the company will reach Rs. 1 Arba after the IPO issuance. The company intends to collect Rs 19.92 crore from this IPO.
Earlier, the company had issued 10,00,000 unit shares worth Rs. 10 crores to the project-affected locals and 240,000 units shares to Nepalese citizens working abroad. Overall, 66% of shares are of the promoter shareholders in the company.
Prabhu Capital Limited is appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 100,000 units.
According to CDSC, 10,99,211 applicants have applied for a total of 12,613,970 units. Thus, the issue is already oversubscribed by 6.33 times so far.
ICRA Nepal has reaffirmed the issuer rating of [ICRANP-IR] BB- (pronounced ICRA NP issuer rating double B minus) to Maya Khola Hydropower Company Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.
Maya Khola Hydropower Company Limited is developing the 14.9 MW Maya Khola HEP in the Sankhuwasabha district, Province No. 1 of Nepal. The project is a run-of-the-river (R-o-R) type and is being developed at a 40% probability of exceedance. The project is one of the Super-Six projects, which was initially studied by the Department of Electricity Development, Nepal.
