Upper Lohore Hydropower Company to Issue IPO Shares to Locals of Dailekh District and Nepalese Employed Abroad from Ashad 07
Thu, Jun 15, 2023 9:52 AM on IPO/FPO News, Latest,
Upper Lohore Hydropower Company Limited has published an offer letter to issue an Initial Public Offering (IPO) to the project-affected locals of Dailekh District and Nepalese citizens working abroad.
The IPO issue for the locals and Nepalese citizens working abroad will open from 7th Ashad to 21st Ashad, 2080. Note that for the locals of Dailekh District, if the issue is not subscribed by the early closing date, the issue can be extended till the 5th Shrawan. However, the issue will not be extended from the early closing date for Nepalese citizens working abroad.
The issued capital of the company is Rs. 50.98 Crores of which 10% i.e. 509,804 unit shares worth Rs. 5.09 crores have been allocated to project-affected locals of Dailekh District.
Meanwhile, 39% of the company's issued capital i.e. 19,88,236 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 198,824 units shares have been allocated for Nepalese citizens working abroad, the issue of which will open on the date mentioned above.
The minimum application quantity to be applied for both project-affected locals and Nepalese citizens working abroad is 10 units while the maximum quantity is 25,000 units.
NIC Asia Capital Limited has been appointed as the issue manager. The promoter-public share ratio will be 51: 49 after this IPO.
CRNL has assigned a ‘CARE-NP BB- (Is)’ rating to Upper Lohore Khola Hydropower Company Limited (ULKH). Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.
Upper Lohare Hydropower Company Limited was established on November 10, 2017, as a private limited company. Later, the company was converted into a public limited company. The company is developing an Upper Lohore Hydropower Project in the Dailekh district. The project is a run-of-the-river type project with an installed capacity of 4MW.
