Kathmandu. Taksar Pikhuwa Khola Hydropower Limited is going to issue an initial public offering (IPO) to the general public from May 23. After the IPO allotment for the local residents of the project-affected areas and Nepalis who are in foreign employment, the company is now going to issue the IPO to the general public.
The issued capital of the company was Rs 1.20 billion. The company was allowed to issue 42,30,668 units of shares worth Rs 42,30,66,800.
Out of this, 12 lakh units of ordinary shares have been allotted to the local residents of the project-affected areas and 3,03,067 units of ordinary shares have been allotted to Nepalis working abroad after obtaining labour permit from the concerned bodies of the Government of Nepal. Similarly, the company has allotted 1,51,533 units of shares to mutual funds and 60,613 units to the employees of the company.
Applications can be placed for a minimum of 10 units and a maximum of 50,000 units. Applications can be submitted for the IPO at the earliest and till May 23 at the latest.
Care Ratings Nepal has assigned CareNP Double B Plus Issuer Rating to the company in its rating for the IPO issuance. This indicates that there is an average risk to the company’s ability to bear its obligations.
Prabhu Capital Limited has been appointed as the issue manager for the IPO issuance. Investors can apply for the ASBA service from the banks and financial institutions participating in the ASBA service and their designated branch offices through the ASBA system with permission from the Securities Board of Nepal.
