Three Star Hydropower IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Locals Till Jestha 09
Mon, May 8, 2023 9:49 AM on IPO/FPO News, Latest,
Three Star Hydropower Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today i.e. 25th Baisakh, 2080, and has extended the IPO issue deadline for project-affected locals till 9th Jestha. The issue had opened on 11th Baisakh, 2080.
The issued capital of the company is Rs. 49.25 Crores of which 10% i.e. 492,500 unit shares worth Rs. 4.92 crores have been allocated to project-affected locals of Khotang District. Meanwhile, 15% of the company's issued capital i.e. 738,750 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 73,875 units shares have been allocated for Nepalese citizens working abroad, the issue of which will close today.
For the project-affected locals, the minimum application quantity is 10 units while the maximum quantity is 492,500 units. Meanwhile, for Nepalese citizens working abroad, the minimum application quantity is 10 units while the maximum quantity is 73,875 units.
Himalayan Capital Limited is appointed as the issue manager. The promoter-public share ratio will be 75: 25 after this IPO.
According to CDSC, 20,646 applications have been received through Nepalese citizens working abroad for a total of 512,280 units. Thus, the issue is already oversubscribed by 6.93 times so far.
ICRA Nepal has assigned an issuer rating o of Three Star Hydropower Limited to [ICRANP-IR] B- (pronounced ICRA NP issuer rating B minus). Issuers with this rating are considered to have a high risk of default regarding the timely servicing of financial obligations.
Three Star Hydropower Limited is a public company with its site located in Province 1, Haleshi Tuwachung Municipality, Khotang. This hydropower project was established back in 2072 BS. With a total capacity of 7.151 MW, this hydro project received Survey License on 2073.07.09 BS and Generation License on 2074.09.03 BS. Kumar Kharel, Mohan Karki, and Madhav Mainali; the three founders named the company after them and then - named Three Star Hydro. These three were later joined by Uddhav Raj Shivakotee 'Kangal', Pradeep K Agrawal, Ananda P Manandhar, Zen Lama, and Ratna Bdr Newar.
