Icra Nepal assigns grade 4+ to upcoming IPO issue of Himalayan Power Partner

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    ICRA Nepal, the credit rating agency has assigned ‘Grade 4+’ rating to the proposed Initial Public Offering (IPO) amounting NPR 319.62 million to Himalayan Power Partner Limited.

    Himalayan Power Partner is proposing to come out with an IPO of 3,196,251 numbers of equity shares of face value NPR 100 each at par. Of the total shares, 1,065,417 unit shares will be issued to project affected population while remaining 2,130,834 unit shares will be issued to general public and staff.

    Global IME Capital Limited has been assigned as the issue manager for the IPO.

    According to a statement of ICRA Nepal, it has assigned ‘(ICRANP) IPO Grade 4+’ to the IPO of which means that the offering holds below average fundamentals.

    ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor.

    Himalayan Power was established in 2061 B.S. as a private limited company with the main objectives to provide the services in the fields of research, development and consultation in the energy sector. The company was transformed to the Public Limited Company in June 2013 after entry of NRN Investment Limited as a partner. The company is developing Dordi Khola Hydropower Project (27 MW) in Lamjung, Nepal.

    Source : Share Sansar