Kathmandu. February 14 is the last day for foreign employment to apply for the IPO of Apollo Hydropower.
The company had opened the IPO to Nepalis who are in foreign employment and project affected people from February 11. Nepalis who are in foreign employment can apply till the banking session today. The IPO for the locals of the project-affected areas will be issued on March 9 at the earliest and on March 25 at the latter.
The company has been granted permission to issue 14,10,000 units of shares worth Rs 14.10 crore i.e. 30% of the issued capital of Rs 570 crore. Out of this, 4,70,000 units of ordinary shares worth Rs 4.70 crore have been issued for the locals of the project-affected areas.
Out of the total 235,000 units 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 Khijidemba Rural Municipality of Okhaldhunga District. While 30 percent i.e. 141,000 units of land will be distributed to the locals of Ward No. 7 and 8 of the Likhupike Rural Municipality of Solukhumbu district. and Umakunda Rural Municipality Ward No. 2 of Ramechhap district. It will be distributed to the residents of Province 3.
The remaining 20 percent i.e. 94,000 units of shares have been allotted to the least affected area, Umakunda Rural Municipality Ward No. and Gokulganga Rural Municipality Ward No. 2. It will be distributed among the locals of Province 1.
Similarly, 94,000 units of ordinary shares worth Rs 9,40,000 per share are being issued for foreign nationals.
The interested investors can apply for a minimum of 10 units. Interested applicants can apply for a maximum of 47,000 units of shares and maximum 94,000 units for foreign workers.
Nepalis who are in foreign employment can apply for the ASBA service through the C-ASBA system from the banks and financial institutions that are participating in the ASBA service. The interested bidders can bid for the shares from Apollo Hydropower at Okhaldhunga, Laxmi Sunrise Bank at Kinja (Solukhumbu), Shivalaya branch at Ramechhap, Nepal Investment Bank at Khijidemba (Okhaldhunga) and Citizen Bank at Likhupike (Solukhumbu).
Himalayan Capital has been appointed as the issue manager for the IPO issuance.
