Kathmandu: Bungad Hydro Limited is set to issue its Initial Public Offering (IPO) to the general public from September 1. The company is opening the second phase of its IPO following allotments to locals of the project-affected areas and Nepalis working abroad.
The company, with an authorized capital of Rs 830 million, received approval to issue 35 percent of its shares, equivalent to Rs 290.5 million or 2.905 million units.
Of this, 830,824 shares had been allocated to residents of project-affected areas and 207,500 shares to Nepalis working overseas with official labour permits. Both categories have already been allotted.
Additionally, 103,750 shares have been reserved for mutual funds, while 62,250 shares are set aside for company employees.
In the upcoming phase, 1,701,500 ordinary shares worth Rs 170.15 million, at a face value of Rs 100 per share, will be issued to general investors.
Applications must be submitted for a minimum of 10 shares and a maximum of 20,000 shares. The IPO will close as early as September 4 or as late as September 15, depending on subscription levels.
Himalayan Capital Limited is the issuer and sales manager for the IPO.
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