Kathmandu. Apollo Hydropower Limited (ABL) has extended the deadline to apply for the initial public offering (IPO) from February 24. Applications for the IPO of the company can now be submitted till March 10.
The company was allowed to issue 14,10,000 units of shares worth Rs 14.10 crore, which is 30% of the issued capital of Rs 57 crore. Out of the total offered shares, the company is issuing 4,70,000 units of ordinary shares at Rs 100 per share to the locals of the affected area.
Out of the total number of shares issued to the residents of the project-affected areas, 50% i.e. 2,35,000 units of shares will be issued to the residents of the highly affected area i.e. Khijidemba Rural Municipality of Okhaldhunga District. 30 percent or 141,000 units will be distributed to the residents of moderately affected areas i.e. Likhupike Rural Municipality Ward No. 2 of Solukhumbu and Ward No. 3 of Umakunda Rural Municipality of Ramechhap District. Similarly, the remaining 20 percent or 94,000 units of shares will be distributed among the locals of Ward No 2 of Umakunda Rural Municipality and Ward No 1 of Gokulganga Rural Municipality of Ramechhap District.
Applications can be place for minimum 10 units and maximum 47,000 units. Care Ratings Nepal has assigned CareNP Double B Minus Issue Rating to the company. This indicates that there is a moderate risk to the company’s ability to meet its obligations.
Himalayan Capital Limited has been appointed as the issue manager for the IPO issuance. The bidders can bid for the shares from Apollo Hydropower at Okhaldhunga, Kinja branch of Laxmi Sunrise Bank, Shivalaya branch at Ramechhap, Nepal Investment Bank at Khijidemba (Okhaldhunga) and Citizen Bank at Likhupike branch of Solukhumbu. Locals of the project-affected areas have to pay Rs 2 as application fee for the share purchase application.
