Mid Solu Hydropower Company To Issue IPO Shares to Locals of Solukhumbu District and Nepalese Employed Abroad from Shrawan 14

Mid Solu Hydropower Company Limited has published an offer letter to issue an Initial Public Offering (IPO) to the project-affected locals of Solukhumbu District and Nepalese citizens working abroad.

The IPO issue for the locals and Nepalese citizens working abroad will open from the 14th Shrawan to the 28th Shrawan, 2080. Note that for the locals of Solukhumbu District, if the issue is not subscribed by the early closing date, the issue can be extended till Bhadra 11. However, the issue will not be extended from the early closing date for Nepalese citizens working abroad.

The issued capital of the company is Rs. 74.84 Crores of which 10% i.e. 7,48,400 unit shares worth Rs. 7.48 Crores have been allocated to project-affected locals of Solukhumbu District.

Meanwhile, 10% of the company's issued capital i.e. 7,48,400 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 74,840 units shares have been allocated for Nepalese citizens working abroad, the issue of which will open on the date mentioned above.

NIC Asia Capital Limited has been appointed as the issue manager. Applications can be placed for a minimum of 10 units and a maximum of 10,000 units.

ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus) to Mid Solu Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding timely servicing of financial obligations

Mid-Solu Hydropower Limited was incorporated on April 19, 2017, as a private limited company and converted to a public limited on June 30, 2021, to facilitate public participation. The company is currently developing a 9.5-MW Mid-Solu Khola HPP in Solukhumbu district, Province 1 of Nepal. The project is a run-of-the-river (R-o-R) type and is being developed at a 40.9% probability of exceedance.

Offer Letter