Maya Khola Hydropower Company IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Project Affected Locals Till Poush 24
Fri, Dec 23, 2022 11:00 AM on Latest, IPO/FPO News,
Maya Khola Hydropower Company Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today's banking hours i.e. Poush 08 and has extended the IPO issue deadline for project-affected locals till 24th Poush, 2079. The issue had opened on 23rd Mangsir, 2079.
The issued capital of the company is Rs. 1 Arba of which 10% i.e. 10,00,000 unit shares worth Rs. 10 crores have been allocated to project-affected locals of Sankhuwasabha District. Meanwhile, 24% of the company's issued capital i.e. 24,00,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 2,40,000 units shares have been allocated for Nepalese citizens working abroad. The promoter-public ratio after this IPO will be 66: 34.
Prabhu Capital Limited is appointed as the issue manager. For the project-affected locals, the minimum application quantity is 10 units while the maximum quantity is 1,00,000 units. Meanwhile, for Nepalese citizens working abroad, the minimum application quantity is 10 units while the maximum quantity is 50,000 units.
According to CDSC, 8251 applications have been received through Nepalese citizens working abroad for a total of 720,820 units. Thus, the issue is already oversubscribed by 3.003 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.
