SEBON Adds IPO Proposals of 2 Hydropower Companies To Its Pipeline

The IPO proposal of Aarati Power Company Limited is in SEBON's pipeline.

The company has submitted a proposal to the capital market regulator to issue a total of 3,600,000 shares. This will raise Rs. 36 crores for the company. The application was submitted on Falgun 09, 2081.

Global IME Capital Limited has been appointed the issue manager for the public offering.

CARE Ratings Nepal Limited (CRNL) has assigned the issuer rating of `CARE-NP BB- (Is)’ to Aarati Power Company Limited. Issuers with this rating are considered to offer moderate risk of default regarding timely servicing of financial obligations, in Nepal.

Aarati Power Company Limited was incorporated on January 13, 2016. The company is involved in developing a 14.5
MW run-of-river Upper Irkhuwa Khola Hydropower Project in Bhojpur District of Nepal. The project is constructed under
BOOT (Build, Own, Operate, and Transfer) mechanism.

The IPO proposal of Mewa Developers Limited has also been added to SEBON's pipeline.

The company has submitted a proposal to the capital market regulator to issue a total of 11,200,000 shares to the local as well as the general public. This will raise Rs. 1.12 Arba for the company. The application was submitted on Falgun 09, 2081.

Himalayan Capital Limited has been appointed the issue manager for the public offering.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of `CARE-NP BB (Is)’ assigned to Mewa Developers
Limited. Issuers with this rating are considered to offer moderate risk of default regarding timely servicing of financial
obligations, in Nepal.

Mewa Developers Limited, incorporated as a private limited company on July 8, 2016, was converted to a public limited company on June 23, 2021. It is promoted by individual promoters from different backgrounds and institutional investors. MDL has two hydropower projects namely, 73.5 MW (Amended from 49 MW), Middle Mewa Hydropower Project (MMHP) and 9.3 MW, Siwa Khola Hydropower Project (SKHP), both peaking run-of-river projects in Mikhuwa Khola Rural Municipality, Taplejung district of Nepal. The project is constructed under the BOOT (Build, Own, Operate, and Transfer) mechanism.