Mountain Hydro Nepal to issue 18.16 lakh units IPO shares to general public from Falgun 23
Tue, Feb 26, 2019 9:44 AM on IPO/FPO News, Latest, SS Pro,
Mountain Hydro Nepal Limited is issuing 18,16,110 units (including 5,66,110 units unsubscribed by locals) IPO shares to the general public from Falgun 23, 2075. The early closing date of this IPO issue is Falgun 28, 2075 and if the issue is not subscribed till Falgun 28 then this issue can be extended upto Chaitra 22, 2075.
Earlier, the company had issued 12.50 Lakh units (10% of the issue capital) to the locals of the project affected of Panchthar district. Out of the total issue; 7,50,000 units were for the locals of Phidim district and Hilihang village municipality and the remaining 5,00,000 units were issued for the locals of other areas of Panchthar district. Only 6,83,890 units (55% shares) got subscribed by the locals.
Out of the offered 18,16,110 units, 2% of the issue equal to 36,322 units have been allotted to the employees of the company and 40,000 units have been allotted to the mutual funds. The remaining 1,7,39,788 units are for the general public. Post IPO the promoter - public share structure will stand 80: 20 ratio.
Applications can be place for minimum 50 units and maximum 80,000 units.
Siddhartha Capital Limited has been appointed as the issue manager for the IPO issuance.
ICRA Nepal has assigned Grade 4 rating to the IPO issue which indicates below average fundamentals.
Mountain Hydro Nepal Limited has been developing 21.6 MW Lowar Hewa Khola Hydropower Project located in Panchthar District.
