Kathmandu: Kalinchowk Hydropower has opened its initial public offering (IPO) from Wednesday, targeting project-affected local residents and Nepalis employed overseas.
The company received approval from the Securities Board of Nepal to issue 1.375 million shares at a face value of Rs 100 per share.
Of the total shares on offer, 550,000 units have been reserved for residents of project-affected areas, while 82,500 shares have been allocated to Nepalis working abroad. Eligible local applicants include residents of Ward No. 8 of Bigu Municipality and Wards No. 1 and 2 of Kalinchowk Rural Municipality in Dolakha district. Applicants can apply for a minimum of 10 shares and a maximum of 10,000 shares.
The subscription period for affected locals will close at the earliest on March 11 and, if not fully subscribed, may be extended until March 26. For Nepalis working overseas, the offering will close at the earliest on March 1 and at the latest on March 11.
In its IPO grading, CARE Ratings Nepal assigned the company a CARE-NP Double B issuer rating, indicating a moderate level of risk in its capacity to meet financial obligations. The issue manager for the public offering is RBB Merchant Banking.
Comment Here