Kathmandu. Himparbat Hydropower is going to issue an IPO from October 11. In the first phase, the company will open the IPO to the locals and Nepalis working abroad in the project-affected areas.
The company has been allowed to issue an IPO of Rs 59.15 crore, which is 35 per cent of the issued capital of Rs 1.69 billion. According to this, the company will sell a total of 59,15,000 units of shares at a face value of Rs 100.
Out of this, 16,90,000 units of ordinary shares worth Rs 16.90 crore will be issued to the locals of the project-affected areas. Out of this, 10.14 lakh units of shares will be issued to the locals of Bigu Rural Municipality of Dolakha. Ward No. 5, 6, 7 and 8 and Kalinchowk Rural Municipality. The remaining 6.76 lakh units will be issued to the locals of Ward No. 2, 3 and 4, while the remaining 6.76 lakh units will be sold to the locals of other wards of these two rural municipalities.
Similarly, the company will open an IPO of Rs 4,22,50,000 to the shareholders who are in foreign employment, up to 10 percent of the shares allotted to the general public. As per the agreement, 4,22,500 units of face value of Rs 100 will be issued to Nepalis who are in foreign employment.
Applications can be made for a minimum of 10 units and a maximum of 10,000 units in the IPO. The IPO issue for the project-affected locals will be held on November 9 at the earliest and on November 25 at the latest.
Nepalis who are on foreign employment can apply for the post on November 1 at the earliest and till November 9.
The interested bidders can bid for the shares from Nepal Investment Bank, Sindhu Bikas Bank, Singati branch of Prabhu Bank, Sunkhani extension counter of Laxmi Sunrise Bank and Charikot branch of Citizens Bank.
Nepalese who are on foreign employment can apply from the banks and financial institutions participating in the C-ASBA service and their designated branches as well as from CDSC’s My Share.
Citizens Capital has been appointed as the issue manager for the IPO issuance.
