Three Star Hydropower To Issue 613,162 Unit IPO Shares To General Public from Ashad 05
Mon, Jun 12, 2023 9:52 AM on IPO/FPO News, Latest,
Three Star Hydropower Limited has published an offer letter to issue its Initial Public Offering (IPO) to the general public.
The company will be issuing 613,162 unit shares of Rs 100 face value from 5th Ashad, 2080. The company intends to collect Rs 6.13 crore from this IPO. The early closing date of this issue is on 8th Ashad and if the issue is not fully subscribed, it can be extended up to 19th Ashad, 2080.
Out of the total 738,750 units; 10% i.e. 73,875 units have already been issued and allotted to Nepalese citizens working abroad, 5% of the total offered shares i.e. 36,938 units have been set aside for the mutual funds while 2% i.e 14,775 units have been set aside for the employees of the company. The remaining 613,162 units are for the general public. The paid-up capital of the company will reach Rs. 49.25 Crores after the IPO issuance.
Earlier, the company had issued 492,500 unit shares worth Rs. 4.92 crores to the project-affected locals of Khotang District and 73,875 unit shares to Nepalese citizens working abroad. Overall, 75% of shares are of the promoter shareholders in the company.
Himalayan Capital Limited has been appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 50,000 units.
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.
