Kathmandu. Apollo Hydropower Limited is going to issue IPO from April 26. The company has started issuing the IPO for the general public after the IPO issuance for the local residents of the project-affected area and the Nepalese working abroad.
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, 4,70,000 units have been set aside for the locals of the project affected area and 94,000 units of ordinary shares have been allotted to the Nepalese working abroad. Similarly, the company has set aside 37,000 units for mutual funds and 18,800 units for employees.
In the second phase, the company will be issuing 7,80,200 units of ordinary shares at a face value of Rs 100 per share.
Applications can be place for minimum 10 units and maximum 1000 units. The earliest date for the issuance will be on April 10, 2008 and the next date will be April 23, 2083.
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 general investors can apply for the ASBA service from the banks and financial institutions participating in the ASBA system after taking permission from the Securities Board of Nepal (SEBON). In addition, the applicants can also apply online using the software Mero Share developed by CDS and Clearing Limited.
