5MW Mailung Khola Jal Vidhdyut Company to issue 3.68 lakh units IPO shares for the locals of Rasuwa district from Jestha 17

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    Mailung Khola Jal Vidhdyut Company Limited will be issuing 3,68,144 unit shares worth Rs 3.68 crore as part of its Initial Public Offering (IPO) for the locals of project affected area of Rasuwa district (1,84,072 units to the most affected local people of Dadagau and Ramche and 1,84,072 units for less affected local people of Raswa District).

    The IPO applications will open from Jestha 17, 2074 and close on Jestha 31, 2074. The maximum closing date for the offer is Ashad 15, 2074 if the offer is not fully subscribed during the earliest closing date.

    Interested people must apply for a minimum of 50 units of share and they can apply for up to 1,840 units of share.

    Siddhartha Capital Limited is the issue manager. ICRA Nepal has assigned an [ICRANP] IPO Grade 4 rating to this IPO, indicating below average fundamentals.

    The authorized capital of company is Rs 75 crore.  The paid up capital of the company remains at Rs 25.77 crore. After the IPO for the locals of project affected area, the paid up capital will reach Rs 29.45 crore. After the IPO for locals of project affected area, the company will be floating 7,36,286 units shares worth Rs 7.36 crore as a part of IPO for the general public. Its paid up capital will then reach Rs 36.81 crore.

    After the IPO, the promoter – people of affected area (Rasuwa district) – public shareholding structure of the company will be 75% – 10% – 20%.

    Mailung Khola Jal Vidyut runs 5 MW Mailung Khola Hydropower project located in Haku VDC, Rasuwa. It has reported net loss of Rs 2.26 crore in the second quarter of the fiscal year 2073/74.

    Source : Share Sansar