Kathmandu. Bikas Hydropower is opening its IPO issue and sale from Today. The company is going to issue the IPO for the general public from today after distributing the IPO issued for the local residents of the project-affected areas and Nepalis in foreign employment.
The company had received permission to issue 4,454,596 units of shares worth Rs 445.459 million i.e. 49 percent of the issued capital of Rs 909.1million. Of these, the company has issued 909,101 units of ordinary shares to the local residents of the project-affected areas and 354,550 units of ordinary shares to nepalis employed abroad after obtaining labour clearance from the concerned authorities of the Government of Nepal.
In the second phase, the company is issuing 70,910 units of ordinary shares for employees and 177,275 units for mutual funds and the remaining 2,942,760 units for the general public.
Applications can be made for a minimum of 10 units and a maximum of 10,000 units. Applications for the IPO can be submitted at the earliest till July 30, while applications can be submitted till July 30.
ICRA Nepal has given the company an ICRA NP issuer rating triple B minus in the rating for the IPO issue. This indicates that there is an average risk in the company’s ability to bear liabilities.
Prabhu Capital Limited is the issue manager of the company. Investors can apply through the C-ASBA system from all C-ASBA member banks and financial institutions and their designated branch offices approved by the Securities Board of Nepal.
