Solu Hydropower Limited has completed the allotment of its Initial Public Offering (IPO) issued to project-affected local residents. The company allotted 1 crore shares that were issued to locals from Mangsir 7 to Mangsir 21 (B.S.), with the allotment completed on Poush 23 (B.S.).
Earlier, in the first phase itself, the company had also issued and allotted IPO shares to Nepali citizens working abroad. For foreign-employed Nepalis, 10 lakh shares were issued between Mangsir 7 and Mangsir 10 (B.S.), and the allotment was completed on Mangsir 24 (B.S.).
The company is now set to issue its IPO to the general public starting from Poush 29 (B.S.). As approved by the Nepal Securities Board, Solu Hydropower will issue 2 crore shares, equivalent to 20% of its issued capital of Rs 10 arba, amounting to Rs 2 arba, to the public.
Out of the total approved IPO, excluding shares already allotted to local residents and foreign-employed Nepalis, 5 lakh shares have been reserved for mutual funds and 3 lakh shares for company employees. The remaining 82 lakh shares will be issued to general public investors.
The IPO for the general public will remain open at least until Magh 4 (B.S.). If the issue is not fully subscribed within this period, the deadline will be extended up to Magh 14 (B.S.). Investors can apply for a minimum of 10 shares and a maximum of 1 lakh shares.
Nabil Investment Banking Limited and Himalayan Capital Limited have been appointed as the issue and sales managers. Applications can be submitted through all ASBA-approved banks and financial institutions and their designated branches, as well as through the ‘Mero Share’ online system.
For the IPO issuance, Infomerics Credit Rating Nepal has assigned Solu Hydropower an ‘IRN Double B’ issuer rating, indicating an average level of risk in the company’s capacity to meet its financial obligations on time.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
