Ghalemdi Hydro to float 15.33 lakh units for general public from Poush

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     Wed, Dec 26, 2018

    Ghalemdi Hydro Limited will be floating its initial public offering (IPO) for the general public from Poush 19, 2075. The hydropower company has set apart 22,000 unit shares for the employees of the company, 55,000 units for the mutual funds and 15,33,770 units for the general public. It includes 4,55,770 unsubscribed units from the issuance made to the locals of Myagdi district. Earlier out of 5,50,000 units (10% of the paid up capital) issued for the project affected area – Myagdi district, Annapurna Rural municipality from, Ashadh 22, 2075 till Shrawan 20, 2075 only 94230 units were subscribed by the investors. 

    The issue will remain open till Poush 23, 2075.

    Vibor Capital Limited has been appointed as the issue manager for the IPO issuance.

    The company has urged the interested investors to apply for minimum 50 units shares. The application can be placed for maximum 10,000 units.

    Applications can be placed through any financial institutions providing C-ASBA services and also through Meroshare.

    ICRA Nepal has assigned Grade 5 rating to the IPO indicating poor fundamentals.

    The paid up capital of the company will stand at Rs 55 crore after the issuance of IPO for the general public.

    Ghalemdi Hydro Limited has been developing a 4 MW capacity project located at ward no 7, Narchyang VDC of Myagdi district. The total expected cost of the project is Rs 1.15 arba while the per MW cost is Rs 23 crore.

     

    Source: The Share Sansar