Three Star Hydropower Issuing IPO to Locals of Khotang District and Nepalese Employed Abroad from Baisakh 11
Mon, Apr 17, 2023 10:01 AM on IPO/FPO News, Latest,
Three Star Hydropower Limited has published an offer letter to issue an Initial Public Offering (IPO) to the project-affected locals of Khotang District and Nepalese citizens working abroad.
The IPO issue for the locals and Nepalese citizens working abroad will open on 11th Baisakh to 25th Baisakh, 2080. Note that for the locals of Khotang District, if the issue is not subscribed by the early closing date, the issue can be extended till 9th Jestha. However, the issue will be extended beyond the early closing date for Nepalese citizens working abroad.
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 open on the date mentioned above.
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 has been appointed as the issue manager. The promoter-public share ratio will be 75: 25 after this IPO.
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 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, Jen Lama, and Ratna Bdr Newar.
